Blackstone, Dinamia to buy Spanish can maker Mivisa

US based Blackstone Group is leading a consortium of private equity funds which have agreed to buy Spanish can making company Mivisa.

No financial details of the acquisition have been disclosed but Dinamia said that as part of the agreement it will pay up to €9.5 million ($12.58m) for a maximum five per cent stake in Mivisa’s parent Sofamen XXI, Reuters reported.

Mivisa is currently owned by CVC, which bought the company in 2005. The key members of the Mivisa management team, which is led by Tomas Lopez, will retain a stake in the company.

The deal is still awaiting the approval of the European competition authorities and is expected to be completed in the second quarter of 2011.

CVC, which has owned the Murcia-based company since 2005, started the auction for Mivisa in September.

Mivisa is the largest manufacturer of tin cans in Spain and the third largest in Europe

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