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Saputo to expand cheese, yogurt lines with Shepherd Gourmet Dairy purchase

Saputo Inc. agreed to acquire Shepherd Gourmet Dairy Inc. for C$100 million on a debt-free basis.

The deal will expand the packaged food and meat producer's specialty cheese and yogurt offerings in Canada. The transaction will be funded from cash on hand and available credit facilities.

For the year ended April 30, Shepherd Gourmet's revenues totaled C$57 million.

The transaction is expected to close in June, subject to customary conditions.