Advent International to buy Indian snacks maker DFM Foods for Rs 1,178 cr

To buy 68% from WestBridge, promoters & 26% through open offer

Private equity firm Advent International is buying Indian snacks maker DFM Foods Ltd (manufacturer of Crax branded snacks) in a deal that will see existing investor WestBridge Capital exiting the company.

Advent has agreed to acquire almost 68% of DFM Foods from promoters and WestBridge for Rs 851.67 crore ($118.8 million) and has made an open offer to buy up to 26 per cent from the company's public shareholders, the Indian company said in a stock-exchange filing.

Advent is making the open offer at Rs 249.50 per share. That's 7.66% discount to the company's closing share price of Rs 270.20