The two transactions were valued at $2,380 million and $125 million, respectively. The combined $2,505 million payment was made through $2,300 million in financing and the company's existing cash holdings.
"This transaction is the most important in Grupo Bimbo's history and one of the largest in the bread industry. Size alone, however, is not our main objective. Rather, our vision is to become the best baking company, and we furthered that goal today by demonstrating a commitment and dedication to serving our consumers and customers in the most effective way possible," said Daniel Servitje, chief executive officer of Grupo Bimbo.
From the February 2, 2009, Prepared Foods E-dition