Savola unit obtains GAC’s approval on economic concentration for Bayara acquisition

Logo of Savola Group

Savola Group’s wholly-owned subsidiary, Savola Foods Co. (SFC), obtained on Sept. 30, the approval of the General Authority for Competition (GAC) on the economic concentration related to Bayara Holding Ltd’s acquisition deal, according to a bourse filing.

In July, SFC signed a binding share purchase agreement (SPA) to acquire 100% of Bayara for $260 million (SAR 975 million).

Bayara is a privately held company with business operating out of the United Arab Emirates (UAE) and Saudi Arabia. It is a leading manufacturer and distributor of branded healthy snacks, including raw and roasted nuts, dates, seeds, dried fruits and confectionery and cooking ingredients, such as herbs, spices and pulses.

Updates will be duly revealed, the statement added.