Ukrainian poultry processor MHP acquires 41% stake in Spain’s Uvesa

SPAIN – Ukrainian agri-food group MHP has signed an agreement to acquire approximately 41% of Spanish poultry processor Uvesa.

MHP had been competing for a stake in Uvesa since December, with Spanish food company Grupo Fuertes also seeking to secure a controlling share in the Navarra-based business.

The deal has now been finalized, with MHP confirming it has signed a share purchase agreement for the minority stake. 

The company described the acquisition as a key step in expanding its footprint in Spain and strengthening its role in the European poultry sector.

MHP will purchase the Uvesa shares at US$243.7 (€225) each, with an additional conditional payment of up to US$23.2 (€21.43) per share, depending on post-closing conditions.

The agreement allows other Uvesa shareholders to join the deal within a month under the same terms. 

The purchase price will be settled in cash once the transaction is completed.

The acquisition remains subject to regulatory approvals, including merger control and foreign subsidies clearance from the European Commission.

MHP board chairman John Rich said Uvesa’s established reputation in Spain aligns with MHP’s goals for expansion and economic contribution. 

He added that MHP plans to introduce its expertise, advanced technology, and operational strategies to support Uvesa’s growth and help it expand into new markets across Europe and the Middle East.

MHP, which is listed on the London Stock Exchange, already has a presence in Europe through its subsidiary Perutnina Ptuj. 

It exports about 60% of its poultry products to more than 70 countries.

The company also operates a poultry processing plant in the Netherlands, has a joint venture in Saudi Arabia, and runs sales and distribution hubs in the UAE, Saudi Arabia, and the UK. 

The Saudi Agricultural and Livestock Investment Company holds a 12.6% stake in MHP.

Uvesa’s Operations and Grupo Fuertes’ Role

Founded in 1964, Uvesa runs a farm-to-fork business model, supplying fresh and frozen chicken, marinated poultry products, sausages, meatballs, charcuterie, and fresh pork.

The company operates four poultry processing plants in Tudela, Málaga, Cuéllar, and Rafelbunyol. 

It supplies both the retail and foodservice sectors in Spain and also exports its products.

Uvesa president Antonio Sánchez described the deal as an opportunity to strengthen the company’s operations and expand its reach. 

He said MHP’s experience in innovation and production would support Uvesa’s sustainable growth while maintaining its local identity.

Grupo Fuertes, which had also been vying for Uvesa, owns several food businesses, including poultry processor Procavi and meat producer El Pozo. 

The company also operates in frozen food, dairy, bottled water, and wine production.

The Murcia-based group, which has investments in real estate and petrochemicals, reportedly generated US$2.7 billion in revenue in 2023, according to El Economista.