Lamb Weston to acquire remaining 50% of European JV for €700M in cash and stock

Lamb Weston Holdings, Inc.

Total consideration €700M: €525M cash + €175M in LW common stock.
Expected close in second half of fiscal 2023, subject to regulatory approvals.
JV had ~€954M net sales in FY2022; LW will fully consolidate results post-close.
Acquisition adds five manufacturing facilities in Netherlands/UK plus 75% interest in Austrian JV.
Cash portion funded with new borrowings and cash; net leverage target unchanged at 3.5x-4.0x.

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