Flora - comment

Flora has completed the sale of the LATAM business (excluding Mexico and Brazil) to Alicorp, which was announced in March. Alicorp have stated an EV of US$150.5m, and we expect the proceeds to be used for debt repayment. The transaction covers operations in 17 markets, seven operating subsidiaries,  a production facility and a portfolio of 19 brands. We estimated the disposed business was c.$100m of revenue and c.$30m of EBITDA, implying a disposal multiple of 5.0x.  Overall, a small positive for bondholders, but immaterial given the overall debt stack.