Monday 20 September 2021
Saudi Arabia's Savola Group has signed a binding share purchase agreement through its subsidiary, Savola Foods Company, to acquire snack maker Bayara Holding for USD 260 million.
The food conglomerate will pay cash for 100% of Bayara's issued share capital.
Savola will finance the transaction through a combination of operating cash flows and available bank loans.
Bayara specializes in the production of nuts, spices, grains, pulses, dried fruits, and dates, processing about 23,000 tons of goods a year. The company is based in the UAE and Saudi Arabia, with operations in both Dubai and Riyadh.
Established in 1992 under the brand name Gyma, it rebranded as Bayara in 2013. The privately held business employs more than 900 workers.