William Fry advises Glanbia Co-op on Dairy Ireland stake acquisition

William Fry advised Glanbia Co-operative Society on its recently completed acquisition of a 60 per cent interest in Dairy Ireland.

David Fitzgibbon led the team on the transaction, assisted by Paul White, John Magee, Cormac Little and Liam Connellan.

Glanbia Co-operative Society acquired the stake from Glanbia plc, representing an expansion of the existing joint venture between the two organisations, now known as Glanbia Ireland.

Glanbia Ireland brings together the Glanbia Group’s Irish ingredients, dairy and agri-businesses under single ownership.

As part of the transaction, the Society sold approximately 8.7 million of its shares in Glanbia plc, equivalent to 3 per cent of the issued share capital of the plc, by way of a share placing.

The proceeds of the share placing were used to part finance the transaction and create a €40 million Member Support Fund.

Additionally, the Society plans to distribute approximately 5.9m plc shares to over 14,000 individual Society members by way of a share spin-out.