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Strauss Coffee buys back shares from TPG for 257 million euros
March 28, 2017 / 5:51 AM / 6 months ago

Strauss Coffee buys back shares from TPG for 257 million euros

Raw coffee beans are seen at a factory where coffee bought by Israeli company, Strauss, is prepared and packaged in Lod, Israel March 6, 2017. Picture taken March 6, 2017. REUTERS/Amir Cohen

TEL AVIV (Reuters) - Strauss Coffee has agreed to buy back a 25.1 percent stake in the company held by buyout firm TPG Capital Management for 257 million euros ($279 million), its parent company Strauss Group said on Tuesday.

The deal will contribute to earnings per share, said Israel-based Strauss Group, which owns the rest of Strauss Coffee. It did not provide details. Strauss paid TPG 172 million euros on Monday and will pay the remaining 85 million by Aug. 15.

Strauss said in December that TPG was looking to sell its 25.1 percent stake in Strauss Coffee.

TPG bought its stake in Strauss Coffee in 2008 for $293 million, but relations between the partners soured after TPG tried to keep a former TPG employee from losing his job as chief executive of the coffee firm. It lost that fight in court and the former employee was ousted in 2014.

Reporting by Tova Cohen; Editing by Steven Scheer

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