Savola Group Company:
Announces purchase of 51 percent of Al Kabeer Group of companies for 565.5 million Riyals (US $150 million).
Signs binding share purchase agreement for acquisition of 51 percent of Al Kabeer Group of companies for 565.5 million Riyals.
Says completion of share sale under agreement shall be within 6 months from date of signing, extendable by mutual consent.
Says appointed Farrelly & Mitchell as financial advisor, Pricewaterhousecoopers as financial & tax due diligence advisor.
Seller appointed Alpen Capital as its financial advisor.
Says transaction will be financed through combination of operating cash flows and bank loans.
Impact of transaction is expected to be positive and will be reflected on Savola results once legal and administrative producers are completed during H2, 2018.