IGLO Group to be acquired by Nomad Foods

Europe’s largest frozen food company, Iglo Group, will be acquired by Nomad Foods for €2.6bn, according to the Financial Times. The deal could be announced as early as today (Monday 20 April) in London. According to the Financial Times, the acquisition would be the first of many others to come for Nomad as it seeks to build a global consumer brands business in the near future.

This news comes after a disappointing 2014 for Iglo, which reported net sales declining by 1.9%. The company behind Birds Eye fish fingers, currently produces, markets and distributes its products in 11 different countries across Europe.

In addition, it seems that Elio Leoni Sceti, chief executive of Iglo, will step down in June but he is expected to continue to be involved in the company as executive director.