Philippine-based food company Universal Robina (URC) has announced the divestiture of a 40% stake in its Oceania subsidiary, URC Oceania, to the German snack food manufacturer Intersnack.

Financial details of the deal have not been disclosed.

In a disclosure to the Philippine Stock Exchange, URC said that it has entered a strategic partnership with Intersnack Group to boost operations in the snack food market.

As part of the deal, Intersnack Group will be acquiring URC’s consolidated businesses in Australia and New Zealand.

The consideration for the deal is expected to be a mix of cash and shares of Yarra Valley Snack Foods, which is Intersnack’s natural snack food unit in Australia.

In a statement, URC said: “Through this transaction, URC monetises some of the synergies it has generated from its early investments in Australia and New Zealand, while still retaining control and its ability to further create value within and beyond ANZ.”

URC further explained that the partnership will yield best practices in manufacturing, supply chain and sustainability practices, as well as provide a platform for even larger and more efficient Oceania operations.

Intersnack Group operates in 24 countries and has a broad snack portfolio, which includes savoury snacks such as potato and tortilla chips, puffed and other corn snacks, baked products, popcorn and nuts.

Both companies intend to close the deal upon obtaining necessary approvals from the Australian Foreign Investment Review Board and New Zealand Overseas Investment Office.

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