Saudi food giant Savola Group acquires UAE’s Bayara Holding for $260m

DUBAI: Saudi Arabia’s Savola Group has signed a deal to acquire UAE’s Bayara Holding for SR975 million ($260 million).

The purchase will be financed through a combination of operating cash flows and available bank loans, the company announced in a Tadawul filing.

Ernst and Young was appointed as the financial advisor of the fully cash transaction.

The deal is part of Savola’s five-year strategy to expand in its eight existing markets — particularly in Saudi Arabia and Egypt — by acquiring companies.

Bayara is a major manufacturer and distributor of branded snacks in the UAE and the Kingdom.