Nestle has confirmed plans to acquire the remaining shares in Israeli food firm Osem Investments in a deal worth ILS3.3bn (US$840.5m).

The world’s largest food maker, which owns just short of 64% of Osem, plans to buy out the remaining 36.3% of the business. Nestle is paying ILS82.50 per share for the stake.

The move will also see Osem delist from the Tel Aviv Stock Exchange.

“Nestle has a long history of investment in Osem, dating back to 1995, and looks forward to continue to partner with the Osem management to develop the company,” Nestle said in a statement on its website.

Nestle did not comment when asked by just-food how the deal would enhance its business.

The transaction is subject to approval of Osem’s minority shareholders.

Osem operates out of nine factories in Israel. It makes pasta, salad dressings and ice cream under the Nestle and other brand names.