CVC completed the acquisition of a 50% stake in DFE Pharma from Fonterra for $400m.

CVC Capital Partners completed the acquisition of a 50% stake DFE Pharma, manufacturer and fabricator of drugs, from Fonterra, which processes fluid milk and cream, and related products, for NZ$633m ($400m). Built into the deal is a potential additional payment of up to $44m based on DFE’s performance over two years. “We set ourselves a tough initial target for debt reduction and we are pleased with the progress we are making. It’s an important milestone in our Co-op’s plan to lift our business performance. A year ago, we started a full portfolio review to re-evaluate every investment, major asset and partnership, to make sure they were still right for the Co-op," Miles Hurrell, Fonterra CEO.