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Saudi food giant Savola acquires UAE’s Bayara

By TRENDS Desk
July 12, 2021 2:29 am

    Saudi Arabia’s Savola Group has signed a deal to acquire UAE’s Bayara Holding for $260 million.

    The purchase will be financed through a combination of operating cash flows and available bank loans, the company announced in a Tadawul filing.

    Ernst and Young was appointed as the financial advisor of the fully cash transaction.

    The deal is part of Savola’s five-year strategy to expand in its eight existing markets — particularly in Saudi Arabia and Egypt — by acquiring companies.

    Bayara is a major manufacturer and distributor of branded snacks in the UAE and the Kingdom.

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