Conagra Brands Enters Into a Definitive Agreement to Divest its 51.8% Ownership Stake in Agro Tech Foods Limited

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Feb 29, 2024, 08:24 ET

CHICAGO, Feb. 29, 2024 /PRNewswire/ -- Today Conagra Brands, Inc. (NYSE: CAG) announced that one of its subsidiaries has entered into a definitive agreement with funds advised by Convergent Finance and Samara Capital to divest its 51.8% ownership stake in Agro Tech Foods Limited (ATFL), a food company based in Mumbai, India, and listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

The transaction is subject to customary closing conditions, including the receipt of any applicable regulatory approvals. The transaction is expected to be completed by the end of calendar year 2024. Upon the close of this agreement, Conagra Brands will no longer consolidate the results of ATFL in its financial statements.

Conagra Brands was advised by Bank of America and Cyril Amarchand Mangaldas on this transaction.

About Conagra Brands

Conagra Brands, Inc. (NYSE: CAG), headquartered in Chicago, is one of North America's leading branded food companies. Guided by an entrepreneurial spirit, Conagra Brands combines a rich heritage of making great food with a sharpened focus on innovation. The company's portfolio is evolving to satisfy people's changing food preferences. Conagra's iconic brands, such as Birds Eye®, Duncan Hines®, Healthy Choice®, Marie Callender's®, Reddi-wip®, and Slim Jim®, as well as emerging brands, including Angie's® BOOMCHICKAPOP®, Duke's®, Earth Balance®, Gardein®, and Frontera®, offer choices for every occasion. For more information, visit www.conagrabrands.com.

Note on Forward-looking Statements

This release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. These forward-looking statements include statements regarding regulatory approvals and the expected timing of completion of the proposed transaction. There is no assurance that the proposed transaction described above will be consummated, and there are a number of risks, uncertainties and assumptions that could cause actual results to differ materially from the forward-looking statements made herein, including risks relating to the timing and ability to obtain the required regulatory approvals and satisfy the other closing conditions for the proposed transaction, the occurrence of any event, change or other circumstance that could delay the closing of the proposed transaction, and other risks and uncertainties described in Conagra Brands' filings with the United States Securities and Exchange Commission. These forward-looking statements represent Conagra Brands' judgment as of the date of this release. Conagra Brands undertakes no responsibility to update these statements, except as required by law.

For more information, please contact:

MEDIA:
Dan Hare
312-549-5355
[email protected]

INVESTORS:
Melissa Napier
312-549-5738
IR@conagra.com

SOURCE Conagra Brands, Inc.