By Ian Walker

Associated British Foods said Tuesday that it has agreed to buy National Milk Records for 48.0 million pounds ($59.7 million) as part of a plan to expand its agri-food business.

Under the deal AB Foods, which also houses the Primark retail chain, is offering 215 pence in cash per NMR share. The price is an 87% premium to NMR's closing price of 115.0 pence on Monday.

"NMR's business is well aligned with AB Agri's objective of supporting customers across the dairy industry, helping to drive efficiency and increase productivity," AB Foods said.

The acquisition, which is being financed from existing cash resources, is expected to complete in the third quarter of this year.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

June 06, 2023 02:33 ET (06:33 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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