The Ferrero Group has announced a definitive agreement that will see it acquire the remaining shares of Ice Cream Factory Comaker and relevant group companies (ICFC), an ice cream manufacturer.

Ferrero initially acquired a controlling stake in ICFC in July 2019 to support its long-term strategic goals in the Ice Cream market.

In a statement, Ferrero states: “During the past two years, thanks to the strong collaboration and work of all employees and stakeholders, the partnership between Ferrero and ICFC has proved very successful in supporting the existing business, whilst setting an excellent base for future growth.

“Ferrero will continue working closely with ICFC management team in developing the business and is looking forward to the exciting opportunities ahead.”

The transaction, subject to customary closing conditions, is expected to close by December 2021.