DENVER, July 7 (UPI) -- Danone, the French food company marketed as Dannon in the United States and best known for its Activia yogurt, has closed a deal to buy Denver-based organic food producer WhiteWave Foods.
Danone, headquartered in Paris, will pay $56.25 a share -- a 24 percent premium over WhiteWave's 30-day average closing price of $45.43. The deal would value WhiteWave at $10.1 billion -- based on 180.2 million shares outstanding at the end of 2015.
WhiteWave reported net income of $168 million on sales of about $3.9 billion in 2015. The Colorado company's products are marketed as healthier food offerings and include Silk almond milk brand and its Earthbound Farm Organic salad.
"We found in WhiteWave the perfect alliance as we both believe in a healthier future and are conscious of our power to lead society forward," Danone CEO Emmanuel Faber said in a statement. "This unique combination positions us better to address tomorrow's consumer trends."
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The WhiteWave deal is Faber's first major transaction since taking on Danone's CEO position in 2014.
Organic foods and beverages, as well as non-GMO plant-based alternatives to milk and yogurt, are among the fastest growing categories in the supermarket, Danone said. As it hoped to enhance its U.S. portfolio through the deal, Danone said it considers WhiteWave to be one of the fastest-growing food and beverage companies in the United States.
"Danone is a unique company, with distinctive capabilities that will enable WhiteWave to reach its next phase of growth," Gregg L. Engles, the WhiteWave chairman and chief executive who will join Danone's board, said in a statement. "Danone is a great cultural fit for our organization, and I am excited for our employees to benefit from the opportunities presented by joining Danone, a leading global food company and the ideal strategic partner to support our future."
