Leading Saudi group Savola has announced that its key unit, Savola Foods Company, has signed a binding agreement to acquire 100 per cent of Bayara Holding, a privately held company with business operating out of the UAE and Saudi Arabia for SR975 million ($260 million).
Bayara is a leading manufacturer and distributor of branded healthy snacks (raw & roasted nuts, dates, seeds, dried fruits and confectionery) and cooking ingredients (herbs, spices and pulses).
Savola said the funding will be done through a combination of operating cash flows and available bank loans.
This acquisition is a continued activation of Savola Foods Company’s announced strategy to enter attractive, value added categories with increasing appeal within the food sector, stated Savola in its filing to Saudi bourse Tadawul.
Ernst & Young Corporate Finance acted as Savola's financial advisor, it added.