ECONOMY

MIG to sell Vivartia unit for 730 million euros

Marfin Investment Group (MIG) said yesterday it will sell Vivartia’s bakery and confectionery division for 730 million euros to a consortium of investors led by Saudi Arabia’s Olayan Group as part of its restructuring process. Vivartia is Greece’s largest food company and was purchased by MIG in July 2007. The business will be spun off to the investors, which includes the participation of Vivartia’s current CEO Spyros Theodoropoulos, in a transaction that includes 327 million euros of debt that will be taken on by the buyer, MIG said in a statement. The deal is expected to be completed by July. It will provide a significant boost to the Vivartia and MIG balance sheets, while also providing the food company with «substantial liquidity to be used for further growth of its remaining operations,» MIG added.