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Saudi Arabia’s BinDawood Holding Company has signed a share purchase agreement (SPA) to acquire a 51% stake in Vaza Food Company for 217.9 million riyals ($58 million), which will be funded by internal resources and available financing facilities.
The retail holding company said the acquisition is part of its growth strategy to diversify revenue streams in high value-added segments such as premium confectionery and specialty foods.
Vaza is a Saudi-based food manufacturing, retail and distribution company operating in the confectionery, bakery and food segments.
BinDawood said the acquisition will also strengthen its value chain integration by leveraging Vaza’s manufacturing capabilities.
The transaction is subject to regulatory approvals.
(Writing by Bindu Rai, editing by Seban Scaria)
