Belgium-based Greenyard Foods merged with Univeg, a Belgium-based supplier of fresh produce, and Peatinvest N.V., a holding company headquartered in Belgium, to create a global leader in fruit and vegetables.

This business merger has the potential to create a unique global player in the fruit and vegetables market capable of offering a full range of fresh, frozen and canned products. Greenyard Foods will become the parent company of the newly formed group.

The transaction remains subject to due diligence, a fairness opinion, boards of directors’ approvals, regulatory approvals, EU Commission competition clearance and final transaction documentation. Completion of the transaction is expected end of summer 2015.

“Creating a combined group offering fresh, frozen and canned fruit and vegetables will be beneficial to growers, consumers, retailers, employees and shareholders,” says Hein Deprez, chairman. “We believe societal trends call for a broader view on fruit and vegetable consumption.”