Saudi F&B giant Almarai has taken a major strategic leap to further strengthen its presence in the Bahrain and UAE markets. The company announced earlier this week that it had acquired the Bahrain and UAE operations of Bakemart.
According to reports, the deal was struck at approximately $25.5 million.
For those out of the loop, Bakemart prides itself as the Middle East’s “total bakery solution company.”
As per a recent filing with Saudi Stock Exchange, Tadawul, Almarai had closed the deal with the shareholders of Bakemart Bahrain and Bakemart UAE on March 15, 2021. The deal saw Almarai acquiring 100% of their shares.
Given that Almarai seems to have used its operating cash flow to secure the deal, its impact on the company’s bottom line will likely be visible in its next quarterly reports.