A&O Shearman advises Associated British Foods plc on demerger of Primark from Food business

The separation, once completed, is expected to create two independent FTSE 100 UK-listed companies: Primark, a global disruptive leader in apparel operating 486 retail stores across 19 markets, and FoodCo, a differentiated, global food portfolio operating across 52 countries and the only FTSE 100 pure play food producer.

The demerger is intended to become effective before the end of 2027 calendar year, and it is subject to the receipt of any necessary approvals and appropriate tax clearances. 

The A&O Shearman team was jointly led by Annabelle Croker, M&A partner and global co-head of consumer and retail, and David Broadley, global co-head of M&A, as well as equity capital markets partner Michael Bloch and M&A associate Juliette Aliker.

Annabelle Croker, M&A partner and global co-head of consumer and retail, commented: “We are delighted to be advising our longstanding client ABF on this proposed demerger—a pivotal transaction that will enable both Primark and FoodCo to thrive as independent businesses in the future and maximize long-term value for shareholders. We have been privileged to advise the Board throughout their review process.”