LONDON (Reuters) - Ontario Teachers’ Pension Plan said on Monday that it has agreed to buy Burton’s Biscuit Co from Canadian Imperial Bank of Commerce (CIBC) and affiliates of Apollo Global Management (APO.N), giving it a foothold in Britain’s biscuit market.
Terms of the deal were not disclosed. It is expected to close before the end of November.
The management of Burton’s will maintain a “significant stake” in the company, which has annual sales of more than 340 million pounds ($547 million) from products including Cadbury Fingers, Jammie Dodgers and Wagon Wheels. ($1 = 0.6215 British pounds)
Reporting by Martinne Geller in London; Editing by David Goodman