Fawaz Alhokair fully acquires Innovative Union for SAR 340 mln

23/01/2020 Argaam

 

Fawaz Abdulaziz Alhokair Co. (Alhokair) received the approval of the General Authority for Competition to acquire Innovative Union Co. for SAR 340 million, according to a bourse filing on Thursday.

 

On Wednesday, the General Authority for Competition approved the company’s request to acquire Innovative Union Co., owned by Food and Entertainment Company.

 

In August 2019, Alhokair signed an agreement to fully acquire Innovative Union, and the transaction includes acquiring main brands such as Seattle’s Best Coffee, Cinnabon, Mama Bunz, and Molten Chocolate Café. This was followed by both the company’s filing a request in September 2019 with the competition authority to approve the acquisition.

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