The transaction is finalized following the Court’s approval and the delivery of the Court Order to the Registrar of Companies.
This conclusion comes after extensive negotiations between the businesses and the Competition and Markets Authority (CMA). The complexity of the deal reflects current food and beverage industry trends that significantly impact market dynamics.
An investigation was initiated in summer 2025 due to concerns that the acquisition could lead to a “substantial lessening of competition” in the prepared foods market.
Phase one of the investigation indicated that the CMA had no issues concerning most proprietary products. However, it did express concerns regarding own-label chilled sauces, pointing out limited competition from suppliers like 2 Sisters and Billington Food Group.
The companies were given until November to address these concerns through an acquisition. This included Compleat Food Group’s acquisition of Greencore’s Bristol soups and sauces plant.
The CMA subsequently approved this remedy in December 2025, thus eliminating further scrutiny from the competition authority.
Combined, the businesses have reported around £4.1 billion in revenue for FY25, generating an adjusted operating profit of £246.5 million. This acquisition exemplifies current food manufacturing trends that prioritize scale and efficiency.
The merger results in a workforce of 28,000 across 36 manufacturing sites, delivering over 3,200 products in more than 20 categories, highlighting innovations in food and drink sustainability.
Dalton Philips, CEO of Greencore, commented on the completed acquisition: “We are proud today to bring together two great companies to create a UK national convenience food champion. In Greencore’s centenary year this is another milestone in a remarkable story.”
“I’d like to thank the hard work of the teams at Greencore and Bakkavor that made this combination happen, while continuing to deliver great food for our customers every day.”
“With a comprehensive convenience food portfolio across ‘food for now’ and ‘food for later’, we’re really excited about the prospects for our business, and all we can offer our customers and colleagues.”
“Over the past months, we have been putting in place plans to integrate the two businesses effectively, and our focus now turns firmly to execution and realizing the opportunity ahead of us.”
With the deal now finalized, Bakkavor’s non-executive directors have formally resigned and left the board.
Bakkavor scheme shareholders will receive 85p in cash, provided they were registered before the cutoff time (6pm on 15 January 2026).
Consequently, the listing of Bakkavor Shares on the Official List and trading on the London Stock Exchange’s (LSE) Main Market have been suspended.
It is anticipated that, starting from 8am on 19 January, Bakkavor Shares will be delisted from the equity shares category of the Official List, ceasing trading on the LSE’s Main Market.
Additionally, an application has been submitted to the LSE for 361.9 million new Greencore shares of 1p each to be admitted for trading on the LSE’s Main Market.
These shares are expected to be listed on the Official List maintained by the Financial Conduct Authority and available for trading on the LSE’s Main Market by 8am on 19 January.
