Board of UAE's Agthia approves acquisition of snacks group BMB | Reuters
The board of Abu Dhabi-listed food and beverages company Agthia Group (AGTHIA.AD) has approved a deal to take a 100% indirect stake in confectionery and healthy foods maker BMB Group, the latest in a string of acquisitions, Agthia said in a statement.
BMB Group, which is also based in the United Arab Emirates (UAE), manufactures and distributes snacks including Mediterranean sweets and chocolate to countries including the United States and Saudi Arabia.
Agthia, which is partly owned by Abu Dhabi's state holding company ADQ, said BMB was an "incubator and accelerator of healthy food brands" and that it expected to pay for the acquisition in cash.
Under the deal, a wholly-owned subsidiary of Agthia will buy BMB units Ripplette Corp and Mediterranean Confectionery Company Limited (MCCL) for 646.26 million dirhams ($176 million) from various sellers including the co-chief executive officers of BMB, Agthia said in a bourse filing.
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