Spanish food group Nutrexpa is to buy the biscuit business of local rival Panrico.

The deal, which has followed a five-month negotiation process involving around ten companies, includes all assets of Panrico's Artiach cookies business. Financial details of the transaction were not disclosed. The acquisition is subject to approval by the country's Competition Commission.

The deal forms part of Panrico's strategy to focus on its core categories of pastries and bread, including the Donuts, Donettes, QE, and La Bella Easo Bollycao brands. The agreement will see Panrico continue to distribute Artiach products.

Nutrexpa made a joint bid for Panrico-owned Galletas Artiach with Lotus Bakeries, with Nutrexpa securing the shares and Lotus the intellectual property rights of the children's brand outside Spain, Portugal, Morocco, Algeria and Mexico. 

Nutrexpa brands include Nutella, La Piara and Cuétara.