Brussels gave its approval last week to the deal after concluding the acquisition by the US-based investment outfit “would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it”.
No financial details were available, although sources close to the deal told the Wall Street Journal that the final price paid to CVC Capital Partner, which owns the Spanish can manufacturer, was between €850m-900m.
Previous owners CVC were believed to have set an original sale price of €1bn but tighter financial conditions and the dip in the Spanish economy meant the bids fell some way below this, according to reports.
While the sale was said to have initially drawn interest from industry giants such as Crown Holdings, Ball Corp and Silgan, all withdrew from the deal before the final stages, leaving just Blackstone and its two minority partners.
Pan-European operation
Based in the Murcia region of Spain, Mivisa focuses on the production of tinplate food cans. The firm also sells food can ends and metal caps to other food can makers.
However, around 60 per cent of its operations are located outside the Iberian Peninsula through its subsidiaries in the Benelux countries, France, Hungary Morocco and the US.
It is leading manufacturer of tin cans in Spain and the third biggest in Europe, with annual sales of around €520m and a workforce approaching 2,000.
Blackstone has reportedly taken a 90 per cent stake in Mivis while partners Dinamia and N+1 have taken the remaining 10 per cent between them.
The European Commission launched the investigation after the agreement in principle was announced at the end of last year. It gave the go-ahead after confirming the newly acquired company “could not hinder the access of food can producers to food can making machinery or to spare parts”. It added that food can manufacturers would also have “access to a sufficient customer base after the transaction”.