Noodle giant Indofood Sukses Makmur has confirmed a plan to acquire one of its manufacturing partners in a deal worth around US$3bn.

Indofood CBP Sukses Makmur (Indofood CBP), one of Indofood’s subsidiaries, said it is preparing to pay $2.998bn for Pinehill Company, which manufactures noodles for the business in seven countries.

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Under the terms of the proposed deal, Indofood CBP will pay $1.53bn to Pinehill Corpora for its 51% stake in Pinehill Company and $1.47bn to investment fund Steele Lake for its 49% shareholding.

In a stock-exchange filing, the publicly-listed Indofood CBP described Pinehill Corpora as an “affiliated party”. It said Steele Lake is “beneficially owned” by ASM Telok Ayer Fund, a discretionary investment fund managed and ultimately controlled by Hong Kong-based investor Argyle Street Management.

Indofood CBP plans to hold a shareholders’ meeting on 15 July to vote on the proposed transaction.

In February, Indofood CBP revealed it was mulling a move to buy Pinehill Company. Under a licensing agreement, Pinehill Company manufactures noodles in Saudi Arabia, Nigeria, Turkey, Egypt, Kenya, Morocco and Serbia. The products are sold under Indofood’s Indomie trademark.

Indofood CBP Sukses Makmur is the consumer brand arm of the wider Indofood group, which also has interested in agribusiness and distribution, as well as wheat flour and pasta production through its Bogasari division.