Hershey / PA. (thc) In December 2013 The Hershey Company announced that its wholly-owned subsidiary, Hershey Netherlands B.V., had signed an agreement to acquire 80 percent of the iconic Shanghai Golden Monkey Food Joint Stock Company Limited (SGM), a privately held confectionery company based in Shanghai, China (see b:eu on 2013-12-20. Now the largest producer of quality chocolate in North America and a global leader in chocolate, sweets and refreshments has completed the initial closing and acquired the 80 percent stake in SGM. The combination of Hershey and SGM will accelerate both companies´ growth strategies. SGM´s well-established, trusted brand name and diverse product offerings provide Hershey with a meaningful presence in China´s sugar confectionery and snacking markets, and complements Hershey´s existing portfolio in the region. At the same time, SGM will benefit from Hershey´s global scale and recognizable brands and marketing expertise. Hershey will continue to invest in SGM brands and go-to-market capabilities enabling the company to deliver its popular products to more consumers throughout China. At the initial closing on September 26, Hershey Netherlands acquired 80 percent of the total outstanding shares of SGM at a price of 2’416,8 million CNY (approximately 394 million USD). The remaining 20 percent of the shares of SGM will be acquired by Hershey Netherlands at a second closing, which is scheduled to occur on the one-year anniversary of the initial close, at a price of 604,2 million CNY (approximately 98 million USD), subject to the parties obtaining necessary government and regulatory approvals and satisfaction of other closing conditions. The total purchase price upon completion of the second closing will be equal to an enterprise value of 3’543,2 million CNY (approximately 577 million USD), which includes the net debt of 522,2 million CNY (approximately 85 million USD) limit set for the September 2014 close.