Allen & Overy is advising the world’s largest canned tuna company, Thai Union Frozen Products Plc., on its proposed $1.5 billion acquisition of San Diego-based Bumble Bee Seafoods from U.K. private equity outfit Lion Capital.
Thai Union and Lion Capital have signed a binding agreement that will give the buyer, which sells Chicken of the Sea products in North America, 100 percent control of Bumble Bee Seafoods and a bigger footprint in the U.S. and Canada. The acquisition is expected to close in the second half of next year.
