A private equity consortium has agreed to buy United Biscuits, the manufacturer of McVitie's and Jacob's, for 1.6 billion pounds (US$3 billion; ¤2.4 billion), AP REPORTED. The Blackstone Group and PAI Partners said they planned to complete the purchase by December, financing the deal through an equal combination of equity from both partners, as well as debt financing. United Biscuits is the leading manufacturer of biscuits and snacks in Britain, and also has strong sales in France, Belgium and the Netherlands. The company owns and operates 15 manufacturing facilities in Europe employing some 9,000 people. «We are attracted to United Biscuits' market position as well as its existing and new product lines,» said David Blitzer, senior managing director of The Blackstone Group. Bertrand Meunier, senior partner of PAI, said the consortium intended to continue United Biscuit's strategy of developing market positions through new product developments and acquisitions. The deal must be cleared by the European Commission and the U.K. Pension Regulator.
