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Saudi Arabia's Nadec To Buy Danone Unit Via Capital Raise

27-Mar-2018

Saudi Arabia's National Agricultural Development Co., part owned by the sovereign wealth fund, will acquire Danone SA's venture in the country, according to reports.

Nadec, as the company is known, will fund the acquisition of privately held Al Safi Danone through a capital increase of 536 million riyals or $143 million, the reports said. Once the deal is completed, existing Nadec shareholders will own 61.25 percent of the company, and Al Safi shareholders will hold 38.75 percent. (dpa)

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