Dole Food announces financing commitment from three banks for buyout

By Marisa Wong

Madison, Wis., Aug. 12 - Dole Food Co., Inc. has received commitments for financing from Deutsche Bank, Bank of America and Bank of Nova Scotia to help fund its acquisition by chairman and chief executive officer David H. Murdock, according to a press release.

The buyout will also be financed with cash and equity contributed by Murdock.

The total enterprise value of the transaction to take Dole private is roughly $1.6 billion.

Closing is expected to take place during the fourth quarter.

The company initially announced in June that it expected financing from Deutsche Bank.

Dole is a Westlake Village, Calif.-based fruit and vegetables company.

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