A Princes statement said: "The Fray Bentos brand, business and certain manufacturing assets will be sold by Princes following the acquisition as part of undertakings made by the company to the Office of Fair Trading. Until this divestment takes place, the Fray Bentos business will be run on an independent basis from Princes."
The deal sees Princes acquire two UK canning sites at Long Sutton and Wisbech in East Anglia that employ over 1,000 staff, and brands such as Crosse & Blackwell, Farrow’s and Smedley's.
However, the Branston and Batchelors brands will remain within Premier's stable, but are being licensed to Princes on a long-term basis for the manufacture of specific products at the two sites. These include Branston baked beans and Batchelors canned soups.
Following completion of the acquisition, Princes has annual revenues approaching £1.5bn, 4,500 employees, 13 food and drink production sites and a portfolio of leading brands.
Ken Critchley, Princes md, said: “This acquisition is an excellent strategic fit for our group and will enable us to further grow our business in the UK and continental Europe by offering our customers a broader range of ambient food products and brands.”