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Savola Group to acquire SAR 565.5m stake in UAE’s Al Kabeer Group

Savola Group to acquire SAR 565.5m stake in UAE’s Al Kabeer Group
The deal will be concluded within six months
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Riyadh – Mubasher: Saudi Arabia-based Savola Group has announced the acquisition of 51% stake of the Dubai-based Al Kabeer Group in consideration of SAR 565.5 million ($150.95 million).

The deal will be concluded within six months as of the date of signature, to be extended with mutual consent, according to Reuters.

Saudi Arabia's largest food products company “appointed Farrelly & Mitchell as financial advisor and hire PricewaterhouseCoopers as financial and tax due diligence advisor”, Reuters reported.

Meanwhile, Al Kabeer Group appointed Alpen Capital as financial advisor.

The deal will be funded through a mixture of operating cash flows and bank loans, the international news agency revealed.