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(Sharecast News) - Danone said on Monday that it has agreed to buy Huel, a maker of complete meal-replacement shakes, for an undisclosed sum as it looks to extend its portfolio in functional nutrition.
The French food group said the deal is in line with its 'Renew' strategy and will enhance Danone's presence in functional nutrition and extend its portfolio into the fast-growing complete nutrition space.
Huel offers a broad range of products including powders, readytodrink shakes, hot and savoury meals, nutrition bars, supergreens and functional beverages. Danone said that all Huel products provide essential macronutrients and micronutrients in convenient, plantbased formats.
"Huel's complementary range, spanning various food forms including ready-to-drink and powders, is supported by bestinclass digital execution, strong digital direct-to-consumer sales and a fan-base in the UK, Europe and the US," it said.
Danone chief executive Antoine de Saint-Afrique said: "We are delighted to welcome Huel and the Huel team into the Danone family. What they have achieved in the fast-growing complete nutrition space fully resonates with Danone's mission of delivering health through food.
"Combining their range and best-in-class digital capabilities with Danone's global reach and deep nutritional expertise offers exciting opportunities into the new and fast-growing nutritionally complete space, in line with our Renew Danone strategy. We look forward to learning from one another and unlocking new opportunities and growth for both businesses."
Although Danone did not disclose any financial details, the Financial Times cited a source as saying that it has agreed to pay about 1bn (870m).
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