RIYADH: Savola Group’s wholly owned subsidiary Savola Foods Co. obtained approval from the General Authority for Competition to acquire Bayara Holding Ltd, according to a bourse filing.
Savola Foods signed a binding share purchase agreement to acquire 100 percent of Bayara for SR975 million ($260 million) in July. The acquisition will be financed through a combination of operating cash flows and available bank loans.
Bayara is a privately held company with business operating out of Saudi Arabia and the UAE. It is a leading manufacturer and distributor of branded healthy snacks, including raw and roasted nuts, dates, seeds, dried fruits and confectionery, and cooking ingredients, such as herbs, spices and pulses.
This acquisition is in line with Savola Foods’ strategy of entering attractive, value-added categories with increasing appeal within the food sector, the company said.
