Dcoop and Acesur agree to buy Deoleo for €520 million, beating Migasa and Coricelli

The deal

Deoleo's board has signed a binding share sale agreement with Acesur and Dcoop, the company told Spain's securities regulator, the CNMV, on Thursday, 5 November 2026. The contract covers about 91.99% of the capital of Deoleo Holding, the subsidiary, and includes the 50.99% stake held directly by the listed company. The operation is valued at €520 million. The stake could rise to 100% if the remaining minority shareholders also adhere. The sellers are the investment funds CVC and Alchemy. Deoleo owns brands such as Carbonell, Koipe and Bertolli and holds a global market share of 8%.

Competing bids and the buyers' case

The sale was contested for months, with three proposals put forward over the summer. The rival offer came from the Seville olive oil group Migasa together with Italy's Coricelli family, and one report puts Coricelli's bid at 500 million euros and Dcoop's at a little over 460 million. Acesur's offer reportedly moved at levels very close to Dcoop's. The offer deadline expired on Monday, 2 November. According to the CNMV filing, the choice rested on the price offered, the lower execution risk of a fully financed offer with limited conditions, and the timetable to signing and closing. Dcoop had argued that a sale to the Italian side would take one of the sector's largest companies out of Spanish hands.

Deoleo's statement framed the outcome in national terms.

“The strategic agreement with the consortium consolidates and boosts Spain's global leadership in the agri-food industry.”

Shareholder support and the path to closing

Ole Investments, the vehicle through which CVC holds 56.96% of the capital, has committed irrevocably to vote in favour of the operation, according to the filing. Closing is still pending possible divestments the buyers may have to make in the United States and Spain for competition reasons. Those hurdles could stretch the closing to six to eight months, a timing Deoleo describes only as an estimate. Dcoop owns 50% of Pompeian jointly with its Moroccan partner Devico, and Pompeian holds about 20% of the US extra virgin olive oil market, so Dcoop weighed several options, including selling that stake. In Spain, Acesur's concern was concentration, since the Guillén family already owns the Coosur and La Española brands.

Andalusian government welcomes the deal

Andalusia's agriculture councillor, Ramón Fernández-Pacheco, congratulated Dcoop and Acesur in comments to Canal Sur Radio. He said the move reinforces the reputation of Andalusian olive oil as a quality product and helps the region keep gaining market share abroad.

“This move reinforces the idea that Andalusian olive oil is of quality. It is the best strategy to keep gaining market share and growing in volume.”

Asked about the US midterm elections, where Donald Trump's party suffered a setback, and about the future of his tariff policy, Fernández-Pacheco said tariff instability is bad news for an export-driven region. He also said Spanish olive oil sold more in the United States than Italian olive oil for the first time, despite tariffs and high olive oil prices.

“That it stays in Andalusian hands, keeps producing olive oil and marketing Andalusian olive oil, is wonderful news, without a doubt.”