Riyadh – Mubasher: Savola Foods Company, a fully owned subsidiary of Savola Group, has signed a binding agreement to acquire 100% of the UAE firm Bayara Holding Limited.

The transaction is valued at $260 million (SAR 975 million), which will be financed from cash flows and existing loans, according to a bourse disclosure on Sunday.

Savola said the agreement will be effective for 180 days starting 10 July 2021. It added that the acquisition is subject to the approval of the General Authority for Competition and other concerned authorities.

It is noteworthy to mention that the Emirati company manufactures and distributes healthy snacks and cooling ingredients.