Raya Holding acquires International Union for Integrated Food industries

M&A Watch- Raya Holding acquired 100% of frozen food producer International Union for Integrated Food industries (IUIFI) according to a regulatory filing with the EGX. Raya will shell out EGP 66.85 mn for IUIFI and take on debt of about EGP 13 mn. Raya Holding had signaled back in December it was contemplating the EGP 80 mn transaction. IUIFI owns the Laza frozen fruit and vegetable brand.