31 Oct 2018 07:00
Media Release
31 October 2018
Equiniti administers $10.9bn Pinnacle Foods acquisition
Equiniti Group plc ("Equiniti"), the multinational specialist technology outsourcer providing non-discretionary payment and administration services, is delighted to announce that it was appointed as exchange agent by Conagra Brands, Inc. ("Conagra") for its acquisition of Pinnacle Foods Inc. ("Pinnacle Foods"), one of the largest corporate actions in the US in 2018.
Under the terms of the acquisition Conagra acquired Pinnacle Foods for a total $10.9bn consideration - consisting of cash, shares and debt - implying a valuation of $68.00 per share. The cash and shares element of the acquisition involved EQ US transferring $5.1bn in cash and 77,450,341 shares, valued at $35.42 per share with a total value of over $2.7bn, from Conagra to Pinnacle Foods' shareholders.
The transaction was served by Equiniti's US business - EQ US - in Minnesota. Equiniti launched EQ US when it acquired Wells Fargo Shareowner Services ("WFSS"), a division of Wells Fargo Bank, N.A., in February 2018.
Commenting on the transaction, Todd May, CEO of Equiniti's US business EQ US, said: "We are delighted that Conagra chose Equiniti to support it in this significant transaction. Our reputation for high quality service and execution means EQ US works with the largest corporations in America and is consistently involved the largest corporate actions in the world's largest capital market."
ENDS
For more information:
Temple Bar Advisory
Alex Child-Villiers / William Barker / Sam Livingstone
Tel: 0207 002 1080
Email: equiniti@templebaradvisory.com
Notes to Editor:
About Equiniti
Equiniti Group plc is a multinational specialist technology outsourcer providing non-discretionary payment and administration services to some of the world's best-known brands and UK's largest public-sector organisations.
It is the UK's leading provider of share registration, employee share plans, and associated investor services, and also has market leading positions in pension administration and software, and employee benefit schemes.
Equiniti's services, which are delivered by over 5,000 employees, benefit 28 million people in the UK and 120 countries around the world.
About EQ US
EQ US provides a range of transfer agent services that enable clients to manage share registers, communicate with shareowners and undertake significant corporate actions - simply and effectively. Established in 1929, EQ US has offices in New York City and operations in Minnesota. Formerly known as WFSS, EQ US was purchased in 2018 by Equiniti Group plc, the U.K.'s leading provider of shareowner and associated investor services. EQ US is proud to be part of an international organization that services 23 million shareholders and more than 1,200 clients worldwide.