Clifford Chance and Al-Jadaan & Partners are advising Saudi Arabia’s Savola Group on its acquisition of shares in Savola Foods Company (SFC) and Azizia Panda United Company (APU) from Al Muhaidib Holding Company for about 1.3 billion Saudi riyals ($365 million).

Savola, one of the largest industrial companies in Saudi Arabia, plans to increase its capital and issue nearly 34 million new shares to Al Muhaidib in consideration for the acquisition of the shares in SFC and APU, currently owned by Al Muhaidib. As a result of the transaction, SFC will become a wholly owned subsidiary of Savola and the latter will increase its shareholding in APU to 93 percent.

The Clifford Chance team was led by partner Mike Taylor, who was assisted by corporate partner James McCarthy. The Al-Jadaan team was led by corporate partner Khalid Al Abdulkareem.

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