(Reuters) -Italy’s NewPrinces has completed the acquisition of a plant in northern Italy from the world’s biggest spirits producer Diageo for 100 million euros ($117 million), it said on Tuesday.
The purchase price includes 107 million euros of net cash and will reduce its overall net debt by 7 million euros, NewPrinces said in a statement.
The plant in Santa Vittoria d’Alba in the northwestern Piedmont region will continue to supply some products to affiliates of Diageo for up to 15 months, the company added.
NewPrinces was founded by Italian entrepreneur Angelo Mastrolia, who started out with a small milk business in the southern city of Salerno.
It has grown mainly through acquisitions, often buying troubled assets from large multinational groups.
The final purchase price is subject to change, the company said.
($1 = 0.8518 euros)
(Reporting by Philippe Leroy Beaulieu in Gdansk; Editing by Matt Scuffham)
