LONDON — U.S. food giant Mars said Thursday that it will buy British chocolatier Hotel Chocolat for £534 million ($662 million), as the brand seeks to boost its international presence.
"We know our brand resonates with consumers overseas, but operational supply chain challenges have held us back.
The announcement sent shares of London Stock Exchange-listed Hotel Chocolat soaring more than 160% in early deals to 366.50 pence by 9:30 a.m. local time Thursday.
Hotel Chocolat is primarily U.K.-based, with 124 shops domestically and several others overseas.
"We are confident that Mars will be an excellent long-term home for Hotel Chocolat, providing a like-minded, entrepreneurial and purpose-led environment in which to maximize the potential of the Hotel Chocolat brand which is already so beloved by consumers," Andrew Clarke, global president of Mars Snacking, said in a statement.
Persons:
Angus Thirlwell, Mars, Thirlwell, Andrew Clarke, Mars Snacking
Organizations:
LONDON, London Stock Exchange, headwinds
Locations:
Chocolat, U.S, Saint Lucia