Dean Foods Co. announced Tuesday that Dairy Farmers of America is the winning bidder for a substantial portion of the company’s business operations, according to a news release.
As part of its Chapter 11 bankruptcy process, Dallas-based Dean Foods had a comprehensive sale process and auction in which DFA will acquire 44 of Dean’s fluid and frozen assets for $433 million in cash.
The deal, which is subject to final approval by the U.S. Bankruptcy Court for the Southern District of Texas, means DFA will acquire all assets, rights, interests and properties for those facilities.
A hearing to seek required court approvals is scheduled for April 3. If approved, the transactions are expected to close at the end of April.
Davis Polk & Wardwell and Norton Rose Fulbright are legal advisors to Dean Foods, while Evercore is its investment banker and Alvarez & Marsal is its financial advisor, according to the release.