Greencore set to acquire Bakkavor in landmark £1.2 billion deal
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Posted: 2 April 2025 | Ian Westcott | No comments yet
Greencore’s £1.2bn acquisition of Bakkavor will reshape the fresh prepared food sector, pending regulatory approval.


Greencore's acquisition of Bakkavor will strengthen its position in the fresh prepared food market, expanding its product range and global presence. Credit: Shutterstock)
The deal and its impact
Greencore, the Dublin-based convenience food giant, has announced plans to acquire rival Bakkavor in a deal worth £1.2 billion. This acquisition will create a leading force in the fresh prepared food market, with a combined revenue of £4 billion.
Bakkavor is a key supplier of fresh prepared food, providing M&S gastropub ready meals, Tesco’s Pinch brand, and Sainsbury’s healthy snacking range. The company operates across 41 sites, employs more than 17,000 people, and generates £2.3 billion in revenue, with 85% coming from the UK. Bakkavor is also expanding its presence in the US and China.
Financial terms and shareholder impact
Under the proposed deal, Bakkavor shareholders will receive 85 pence in cash plus 0.604 Greencore shares per Bakkavor share, valuing each Bakkavor share at 200 pence. This represents a 32.5% premium on Bakkavor’s closing share price of 151 pence on March 13th.
The acquisition is subject to regulatory approval and due diligence. Both Greencore and Bakkavor’s boards have expressed their support for the deal, recommending shareholder acceptance. If the merger is finalised, Greencore shareholders will own 56% of the combined entity, while Bakkavor shareholders will hold 44%.
Next steps and leadership changes
As part of the agreement, Bakkavor directors Agust Gudmundsson and Lydur Gudmundsson will join the new group as non-executive directors.
With this acquisition, Greencore aims to strengthen its leadership in the fresh prepared food industry, expand its retail partnerships, and grow its global footprint.