Savola completes takeover of Bayara Holding

Savola Group’s headquarters

Savola Group’s wholly-owned subsidiary, Savola Foods Co., completed the acquisition of 100% of Bayara Holding Limited, the edible oil producer said in a bourse statement.

Savola Foods obtained a no-objection certificate from the General Authority for Competition (GAC) for that acquisition.

The related financial impact is expected to show in the fourth quarter of 2021.

Bayara Holding is a leading packaged food company based in the UAE. It offers a wide range of products, including nuts, spices, dried fruits, pulses and snacks.

Bayara Holding recorded net sales of almost SAR 420 million for the fiscal year ended in March 2021 with a healthy EBITDA margin.

Last July, Savola Foods signed a binding share purchase agreement to acquire 100% of Bayara Holding for $260 million (SAR 975 million).

It obtained GAC’s approval at the end of September.

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