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United Biscuits bought for £1.6bn United Biscuits bought for £1.6bn
(10 minutes later)
The owner of the McVitie's and Jacob's brands, United Biscuits, has been bought in a deal worth £1.6bn ($3bn).The owner of the McVitie's and Jacob's brands, United Biscuits, has been bought in a deal worth £1.6bn ($3bn).
US and European private equity groups Blackstone and PAI Partners have agreed to buy the company, and the deal is expected to go through by December.US and European private equity groups Blackstone and PAI Partners have agreed to buy the company, and the deal is expected to go through by December.
United Biscuits, which was founded in 1948, employs more than 9,000 people, of whom about 7,500 work in the UK.United Biscuits, which was founded in 1948, employs more than 9,000 people, of whom about 7,500 work in the UK.
Other popular brands owned by United Biscuits include Jaffa Cakes, Penguin, Twiglets and Hula Hoops.Other popular brands owned by United Biscuits include Jaffa Cakes, Penguin, Twiglets and Hula Hoops.
The purchase will be financed through a combination of equity contributed equally by Blackstone and PAI, as well as debt financing, the buyers said.The purchase will be financed through a combination of equity contributed equally by Blackstone and PAI, as well as debt financing, the buyers said.
'Delight''Delight'
"Blackstone has a successful track record of owning and developing companies such as United Biscuits and I believe the company will benefit from their involvement," said United Biscuits chief executive Malcolm Ritchie said."Blackstone has a successful track record of owning and developing companies such as United Biscuits and I believe the company will benefit from their involvement," said United Biscuits chief executive Malcolm Ritchie said.
UNITED BISCUITS BRANDS PenguinHula HoopsKP NutsJaffa CakesSkipsMini Cheddars
He added that United Biscuits was "delighted" one of its existing shareholders PAI - which has offices in Paris, London, Madrid and Milan - had decided to play a greater part in the business.He added that United Biscuits was "delighted" one of its existing shareholders PAI - which has offices in Paris, London, Madrid and Milan - had decided to play a greater part in the business.
The news came hours after United Biscuits announced it would be shifting production of its Nik Naks and Wheat Crunchies brands.The news came hours after United Biscuits announced it would be shifting production of its Nik Naks and Wheat Crunchies brands.
United Biscuits bought the brands from Golden Wonder in February and the snacks are currently made under contract at a factory in Scunthorpe.United Biscuits bought the brands from Golden Wonder in February and the snacks are currently made under contract at a factory in Scunthorpe.
It wants to make the products at its own factories in Teesside and Ashby-de-la-Zouch, Leicestershire. The move is expected to be completed by next year.It wants to make the products at its own factories in Teesside and Ashby-de-la-Zouch, Leicestershire. The move is expected to be completed by next year.
Bosses at the Golden Wonder factory - which currently employs 395 people - did not expect any job losses as a result of the switch.Bosses at the Golden Wonder factory - which currently employs 395 people - did not expect any job losses as a result of the switch.