The Savola Group building
Savola Group’s wholly-owned subsidiary, Savola Foods Co., signed on July 10, a binding share purchase agreement (SPA) to acquire 100% of Bayara Holding Limited for $260 million (SAR 975 million).
Bayara is a privately held company with business operating out of the United Arab Emirates (UAE) and Saudi Arabia. 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.
The acquisition value, which will be paid in cash, will be financed through a combination of operating cash flows and available bank loans, the edible oil producer said in a statement to Tadawul.
The SPA shall be effective from the date of signing for a period of up to 180 days.
Under the agreement, Savola Foods will buy 100% of Bayara’s issued share in return for cash.
Ernst & Young Corporate Finance Limited was appointed by Savola as its financial advisor for the deal.
Savola Group will complete the regulatory requirements with the General Authority for Competition (GAC) for this deal.
The proposed acquisition is subject to the approval of the GAC or any other relevant regulatory authority, the statement added.
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