Takween Advanced Industries acquires Savola Packaging for $242m
Takween Advanced Industries has acquired Savola Packaging, both based in Saudi Arabia, for $242m.
Takween expects the acquisition to boost its earnings from the second quarter of 2015.
Dr. Abdulraouf M. Mannaa, Savolas CEO and managing director said Savola Group will use the proceeds from the sale to focus on its growing core sectors of foods and retail.
The value of completed mergers and acquisitions in Saudi Arabia has risen 6.9% to $443m in 2014, after a more than 70% drop in 2013, according to Bloomberg.
Other transactions include Abraaj Group and TPG acquiring a majority stake in Saudi Arabian fast-food chain Kudu, and Olayan Group taking a majority stake in beverage maker Gulf Union Food Co.
