Bega Cheese took ownership of Lion Dairy and Drinks (Lion) this week. Executive Chair Barry Irvin said the ownership transfer was a significant day in the history of Bega. The combined group has revenues of around $3bn, and includes brands such as Dairy Farmers, Yoplait, Big M, Masters and Farmers Union iced coffee. The purchase follows the $460m purchase of Mondelez brands including Vegemite in 2017.

The Lion price tag of $560m includes $26m of IT separation costs, which brings the net price tag down to $534m. Bega shares are currently sitting at $5.36, well above the $4.60 price of last year’s capital raising to help fund the acquisition.