Ukraine's MHP buys 41% stake in Spanish poultry producer UVESA
MOSCOW. March 21 (Interfax) - MHP, a Ukrainian food and agricultural technology company and leading Ukrainian chicken producer, on March 20 signed a share purchase agreement (SPA) with stockholders controlling more than 41% of the share capital of leading Spanish company UVESA, Ukrainian media said.
"The deal marks a significant milestone in MHP's strategic expansion into the Spanish market, reinforcing its long-term vision to strengthen its presence in the European poultry sector," MHP said in a statement on the London Stock Exchange.
Under the SPA terms, MHP will acquire stock at a fixed price of 225 euros per share with an additional contingent consideration of up to 21.43 euros per share, subject to certain post-losing conditions. The agreement also allows other UVESA shareholders to join the SPA within one month of signing, offering them the opportunity to participate under the same terms.
"For MHP, expanding in Europe is about building strong partnerships, driving innovation, and creating a lasting impact. UVESA, with its solid reputation and deep roots in Spain, is a natural fit for MHP's vision of sustainable growth and contribution to the country's economic development. MHP brings its expertise, operational excellence, and advanced technology to support UVESA's growth, enabling it to scale and expand into new markets across Europe and the Middle East. At the core of this partnership are people. The 3,000+ employees who define UVESA today will continue to be at the heart of the company. We remain committed to job stability and generating economic value for the region," MHP Board of Directors Executive Chairman John Rich said.
UVESA President Antonio Sanchez, for his part, said he is confidence that the partnership with MHP will usher in a new and significant chapter for UVESA.
"This partnership aims to strengthen our foundations, unlock new opportunities, and expand our reach. With MHP's extensive expertise in innovation and superior operations, we are prepared to grow sustainably while remaining true to our local roots. Most importantly, we will continue to provide high-quality products to the communities and regions we proudly serve," Sanchez said.
Under the agreement, MHP will pay the purchase price in cash upon closing. Completion of the transaction remains subject to regulatory approval, including merger control clearance and foreign subsidy clearance from the European Commission.
On March 4, 2025, MHP received the Spanish government's formal approval for its strategic investment in UVESA and its subsidiaries.
Spanish media reported in early February that Spain's Fuertes Group also made an offer for UVESA, valuing the company at 312 million euros, while MHP's offer is around 400 million euros.
As reported, MHP submitted a binding offer in late 2024 to acquire UVESA Group. The deal was an open tender offer targeting all of UVESA's current shareholders. It is subject to the fulfillment of certain conditions, including, but not limited to, achieving a minimum acceptance threshold of 50.01%.
MHP, the largest producer of chicken in Ukraine, also cultivates 360,000 hectares of land in 12 Ukrainian regions. It also produces grains, sunflower oil, and processed meat products, exporting them to more than 80 countries.
MHP has production facilities in Ukraine and Southeast Europe, as well as subsidiaries in the Netherlands, the United Kingdom, the United Arab Emirates, Saudi Arabia, and EU countries.
