(MENAFN) Saudi Arabia's Takween Advanced Industries seeg it had agreed to buy a packaging unit of the region's largest food firm Savola Group for USD242.5 million, Arabian Business reported.
The firms reached agreement on the price for Savola Packaging Co (Target) after due diligence but the purchase remains conditional on regulatory approval, Takween said.
The purchase will be financed through a syndicate of Saudi banks, to be announced later and conditional on Takween shareholders' approval.
Savola in July it had entered a non-binding agreement with Takween to sell its entire stake in Savola Packaging Co as it looked to focus on its core sectors of food and retailing.
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