Riyadh – Mubasher: Savola Foods Company, a fully owned subsidiary of Savola Group, has completed the acquisition of 100% of the UAE-based Bayara Holding Limited in exchange for $260 million (SAR 975 million).

The company completed the acquisition after obtaining the no-objection certificate with respect to the economic concentration from General Authority for Competition (GAC), according to a bourse filing on Sunday.

The transaction is expected to have a financial impact on the group as of the fourth quarter (Q4) of 2021.

It is noteworthy to mention that in July 2021, Savola Foods Company signed a binding agreement to acquire 100% of the UAE firm Bayara Holding Limited.