SADAFCO inks initial deal to buy Poland’s Mlekoma

01/05/2018 Argaam

 

Saudia Dairy and Foodstuff Company (SADAFCO) said in a bourse statement on Sunday that it had reached a broad agreement on key commercial and legal terms for the acquisition of Poland-based Mlekoma SP.

 

A preliminary share purchase agreement was signed by both parties, signaling their intent to complete the deal.

 

The company acquired a 100 percent stake in VISDAL INVESTMENT SP, to be its holding company in Poland.

 

SADAFCO added it expects to ink a binding deal in at the beginning of the second quarter.

 

Last October, the dairy producer signed a non-binding agreement with Poland’s Mlekoma and its subsidiaries Foodexo and Mlekoma Dairy to continue the due diligence process of acquiring a controlling stake, Argaam reported.

 

The estimated value of the deal is SAR 120 million and will be finalized upon completion of the due diligence process.

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