Private equity firm Permira said Monday it has agreed to sell Europe's biggest frozen foods company Iglo, maker of Birds Eye fish fingers, to Nomad Holdings for 2.6 billion euros.
Permira will sell Iglo Group to London-listed takeover vehicle Nomad for the equivalent of $2.7 billion, it said in a statement.
As part of the deal, the private equity company will retain a nine percent stake in Nomad Holdings, which will change its name to Nomad Foods after the transaction has completed.
Iglo Group produces iconic frozen food brands including Birds Eye in Britain and Ireland, Iglo in Germany and continental Europe, and Findus in Italy.
"What people eat and how and when they eat are constantly evolving, making food one of the most resilient yet dynamic categories in the consumer sector," said Nomad co-founder Noam Gottesman in a separate statement.
"Iglo Group's strong brands are clear market leaders in frozen food, and the company's innovative and customer-centric approach will continue to drive organic growth and superior returns within the industry."