Saputo, a Canadian dairy products manufacturer, announced that the company has closed on the acquisition of British peer Dairy Crest, which owns brands like Clover.
Under the deal, Saputo bought Dairy Crest for $8.09 per share, valuing the company at about 975 million pounds ($1.3 billion).
Canada’s Saputo said that the acquisition of Dairy Crest will enable the company to extend its international presence and enter the UK market.
For the year ended 31 March 2018, Dairy Crest had revenues of around $594 million.