Almarai, the Gulf’s largest dairy producer by market value, has finalised an agreement to buy 75% of Jordanian beverage firm Teeba Investment for Developed Food Processing.
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Almarai will self-finance the deal, which is the first acquisition for the company outside of Saudia Arabia.
“This is an important strategic venture for the group in a market that is showing considerable growth,” the company said in a statement today (17 December).
The Khalil family, the founders of Teeba, will keep the remaining 25% of the business.
The transaction was based on a value of SAR474m (US$126.4m) and is expected to close in January 2009, following the completion of standard transaction conditions.
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By GlobalDataTeeba is one the leading dairy players in the Jordanian market, established in 2005. The company recently commissioned a new plant and launched a new line of products.
