Competition Authority greenlights Alhokair’s acquisition of Innovative Union

22/01/2020 Argaam

 

The General Authority for Competition approved Fawaz Abdulaziz Alhokair Co.’s (Alhokair) request to acquire Innovative Union Co., according to the Authority’s statement on Wednesday.

 

In August 2019, Alhokair signed an agreement to fully acquire Innovative Union, owned by Food and Entertainment Company, for SAR 340 million.

 

The transaction includes acquiring main brands such as Seattle’s Best Coffee, Cinnabon, Mama Bunz, and Molten Chocolate Café.

 

In September 2019, both companies filed a request to the Competition Authority to approve Alhokair’s acquisition of Innovative Union.

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