Almarai to launch USD 75 mn acquisition bid for Egypt’s Greenland?
M&A WATCH- Almarai to launch USD 75 mn bid for Greenland? Saudi dairy product producer Almarai is reportedly looking to acquire Americana Group subsidiary Greenland Group for Food Industries in a transaction worth as much as USD 75 mn, according to a domestic press report citing sources with knowledge of the matter. Almarai has begun due diligence on Greenland. The report claims Greenland had been in the red for seven years but returned to profitability in 2015 and is currently expanding its footprint in Egypt and the region. Almarai had tried back in 2016 to acquire Qalaa Holdings’ Dina Farms’ dairy and fresh milk operation. Almarai owns and operate the Beyti brand in Egypt as part of a joint venture with PepsiCo.
Advisers: Greenland has reportedly hired Sharkawy & Sarhan as its legal adviser, while Baker McKenzie has reportedly been tapped as buyside adviser.