Saudi Arabia’s Catrion has completed the acquisition of a majority shareholding in Al Khalejiah Catering Company in a deal worth up to SAR 440.86 million ($117.56 million).

All the regulatory hurdles for the transaction to acquire a 55% stake in Al Khalejiah have been cleared, and the deal is now legally finalised, the listed firm, formerly Saudi Airlines Catering, confirmed on Monday.

The deal includes a call option that allows Catrion to increase its ownership in Al Khalejiah by an additional 15% within the next three years.

The acquisition comprised an initial cash payment of more than SAR 315.2 million and performance-based earn-out payments of up to SAR 125.65 million, which are dependent on the achievement of specific financial targets.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com