NSRGY - Nestle buys Freshly in deal valued at $950M

Nestlé ([[NSRGY]] -1%) says it has acquired meal subscription service company Freshly, in a deal that values the company at $950M, with potential earnouts up to $550M if the business reaches certain growth targets.Freshly pioneered the direct-to-consumer prepared meal delivery channel and is known for its use of standard-setting technology and analytics, Nestlé says."Consumers are embracing e-commerce and eating at home like never before," Nestlé USA Chairman Steve Presley says. "It's an evolution brought on by the pandemic but taking hold for the long term."Nestlé bought a ~16% stake in Freshly in 2017 to test the food delivery market.The company last week reported a 3.5% YTD increase in organic sales and raised its full-year organic sales growth forecast.

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Nestle buys Freshly in deal valued at $950M