Saputo Inc to buy Lion-Dairy & Drinks cheese business for $134 million

A company sign is shown outside the Saputo in the St-Leonard area of Montreal.

MONTREAL – Saputo Inc. has signed a deal to buy the everyday cheese business of Lion-Dairy & Drinks Pty Ltd. located in Victoria, Australia, for $134.4 million in cash.

The purchase includes $104.1 million for inventory net of a minimal amount of assumed liabilities, Quebec-based Saputo said Monday inside a news release.

The transaction, through Saputo\’s Australian subsidiary, Warrnambool Cheese and Butter Factory Co. Holdings Ltd., is anticipated to close at the begining of May, subject to regulatory and shareholder approval.

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