Total food industry cross border M&A deals worth $1.3bn were announced globally in Q3 2022, led by Cooke’s $1.01bn acquisition of Tassal Group, according to GlobalData’s deals database.

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The value marked a decrease of 40.4% over the previous quarter of $2.18bn and a drop of 18.8% when compared with the last four-quarter average, which stood at $1.6bn.

Comparing cross border M&A deals value in different regions of the globe, Asia-Pacific held the top position, with total announced deals in the period worth $1.03bn. At the country level, the Australia topped the list in terms of deal value at $1.01bn.

In terms of volumes, Europe emerged as the top region for food industry cross border M&A deals globally, followed by Asia-Pacific and then North America.

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The top country in terms of cross border M&A deals activity in Q3 2022 was the Italy with four deals, followed by the US with three and Spain with two.

In 2022, at the end of , cross border M&A deals worth $3.94bn were announced globally in food industry, marking an increase of 61.2% year on year.

Cross Border M&A deals in food industry in Q3 2022: Top deals

The top five cross border M&A deals in food industry accounted for 61.2% of the overall value during Q3 2022.

The combined value of the top deals stood at $1.29bn, against the overall value of $1.3bn recorded for the quarter.

The top five food industry cross border food deals of Q3 2022 tracked by GlobalData were:

1) Cooke’s $1.01bn acquisition deal with Tassal Group

2) The $107.5m asset transaction of The Kraft Heinz by Kerry Group

3) IOI Corp’s $104.51m acquisition deal for 10% stake in Bunge Loders Croklaan Group

4) The $52.5m acquisition of The Spice Tailor by Premier Foods

5) China, Arla Foods and Arla Foods Ingredients’s $17.52m asset transaction deal with Xinou and Yashili Dairy (Manashan) Trading