Savola subsidiary completes acquisition of Bayara Holding for SR975 million

Savola Group announced on Sunday that its wholly owned subsidiary Savola Foods Company completed the acquisition of 100% of Bayara Holding Limited, after obtaining the No-objection Certificate with respect to the economic concentration from General Authority for Competition (GAC).

The company said in a statement that the acquisition was paid in cash, and the transaction consideration of USD 260 million (SR 975 million), indicating that there are no related parties in this transaction.

The impact of the transaction is expected to be reflected on the Group’s financial results as of the 4th quarter of 2021.

Bayara Holding Limited is a leading packaged food company based in the United Arab Emirates offering range of nuts, spices, dried fruits, pulses and snacks. Bayara recorded net sales of approximately SAR 420 million for a twelve-month period ending in March 2021 with a healthy mid-teens EBITDA margin.

This comes in reference to the Savola Group previous announcements in Tadawul regarding the subject.