Finnish food company Raisio has sold its confectionery business to the Ireland-based Valeo Foods for a debt-free purchase price of €100m.

As per the deal, signed on 22 December last year, Raisio has agreed to sell six production plants located in the UK and Czech Republic, as well as its confectionery brands such as Poppets, Fox’s, XXX, Just, and Pedro.

The deal has seen Valeo pay equity value of €77m.

It is reported that all other conditions for completion of the deal have been fulfilled.

Raisio is an international food and feed company that produces plant-based, healthy and responsible branded products.

“The proceeds from the deal allow extensive acquisitions that strategically fit our core business.”

At the time of signing the deal, Raisio Group president and CEO Pekka Kuusniemi said: “The divestment of the confectionery business is an important strategic step for Raisio on its path towards a responsibly operating forerunner focusing on healthy foods.

“Together with our already strong balance sheet, the proceeds from the deal allow extensive acquisitions that strategically fit our core business.”

The acquisition of Raisio confectionary business is reported to be in line with the Valeo Foods strategy that focuses on the offers, which provide significant opportunities for future growth.