Savola Food Company, a subsidiary of the Savola Group, has signed a binding share purchase agreement to acquire 100% of Bayara Holdings Limited.
According to Arabia Net, Bayara manufactures and distributes healthy snacks and culinary spices, and is a private company operating in the UAE and Saudi Arabia.
This Agreement shall be effective from the date of its signature and for a period of up to 180 days. Savola has appointed Ernst & Young Trade Finance Limited as the financial advisor for the transaction.
Among the terms of the agreement, is the acquisition of 100% of the shares of Bayara Holdings Limited, the value of which will be paid in cash.
Savola said the $260 million deal, or 975 million riyals, will be financed through a combination of cash flows from operating activities and through Available banking facilities.
It stated that this acquisition represents an effective step in line with the announced strategy of Savola Foods Company to enter into promising and value-added sectors and an increasing demand in the food sector.
