Spanish olive-oil cooperative Dcoop and bottler Acesur have agreed to buy about 92% of Deoleo Holding, the operating group behind Carbonell, Koipe and Bertolli, in a deal valuing the business at €520m including debt, Deoleo told Spain's market regulator on 5 November 2026.
Why Dcoop S. Coop. And. and Aceites del Sur-Coosur, S.A. (Acesur) is buying Deoleo Holding, S.L. (about 91.99%)
Deoleo said the consortium's offer was chosen for its price, its lower execution risk compared with rival bids, being fully financed and subject to a limited number of conditions, and its timetable to signing and closing. Spanish press reported that the buyers plan to divide Deoleo's assets between them.
Deal terms and financing
Deoleo S.A. will sell its entire 50.99% of Deoleo Holding, and other partners are expected to join the sale, which could take the total to 100%. Final proceeds will be set from the equity value after adjusting for net financial debt and working capital at closing. Deoleo gave an indicative range of €190m-200m for its stake, before its share of an escrow of up to €80m on a 100% basis that secures an Italian tax contingency at Carapelli Firenze. The price gives no preferential payment to holders of warrants issued in Deoleo's 2020 capital increase.
Regulatory approvals and timing
Closing requires competition clearance in Spain and the United States, Italian foreign direct investment approval and the approval of Deoleo's general shareholders' meeting, where Ole Investments B.V., holder of 56.96%, has irrevocably agreed to vote in favour. It is also conditional on Mizkan not giving notice within two months to terminate the Bertolli brand licences. Deoleo expects the approvals to take six to eight months.
Market context
The sale process was run by the board of Deoleo UK under a 2020 shareholders' agreement. According to El Español, the Dcoop-Acesur bid beat offers from Italy's Coricelli and Spain's Migasa, keeping the owner of Carbonell, Koipe, Hojiblanca and Bertolli in Spanish hands.
