Abu Dhabi – Mubasher: The board of Agthia Group has approved to acquire the majority of Nabil Foods, a producer of frozen and chilled processed protein products.
This decision represents Agthia's first entry into processed protein, enabling the company's expansion into the growing processed food industry, according to a press release on Tuesday.
Through the transaction, Agthia will acquire an 80% indirect stake in Nabil Foods, including 60% from ADQ in exchange for a convertible instrument at a fixed price of AED 5.5 per share, implying an equity value of AED 394 million.
Meanwhile, a 20% stake will be acquired from Ideal Holding Limited.
Providing over 20 local and international markets with processed protein products, Nabil Foods has a processing capacity of 43,000 tonnes per year and more than 600 individual product lines.
The transaction is subject to certain regulatory and shareholders’ approvals and executing transaction documents.
Commenting on the acquisition, the CEO of Agthia, Alan Smith, said: "It would be an accretive acquisition for both the business and our shareholders, an expansion into a growing sector with high-quality product offerings and a mutual commitment to innovation aligned with evolving consumer trends."
