MILAN, Oct 1 (Reuters) - Italian coffee maker Lavazza said on Monday it had agreed to buy Mars Drinks coffee business from U.S. food giant Mars Inc, in a new effort to expand globally and grow in the vending machine business.
Mars Drinks includes Flavia and Klix systems, which are leading brands in the office coffee service and vending machine segments, the two companies said in a statement.
The deal points to an enterprise value for Mars Drinks of around $650 million, a source close to the matter said.
Lavazza was advised by J.P. Morgan, Cleary Gottlieb Steen & Hamilton, PwC and The Boston Consulting Group.
Mars, Incorporated was advised by BofA Merrill Lynch, Freshfields Bruckhaus Deringer LLP, KPMG LLP and Rabo Securities USA. (Reporting by Francesca Landini, editing by Stephen Jewkes)