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The Abu Dhabi Investment Authority (ADIA) is reportedly in discussions with Indian restaurant company Haldiram over a potential takeover of its snacks business, Reuters reports, citing two undisclosed sources with direct knowledge of the matter. ADIA is engaging in talks via a consortium led by US alternative investment management firm Blackstone, and which also includes Singaporean sovereign wealth fund GIC.
The details: The Blackstone-led consortium has reportedly submitted a non-binding bid for a 75% majority stake in the Indian snacks business, with the potential agreement valuing the company at up to USD 8.5 bn. However, the final stake percentage and valuation are not yet conclusive, with talks still at an early stage, the sources added.
Background: Haldiram was considering giving up a majority stake in both its snacks and restaurant businesses in September 2023 to Indian IT company Tata Group for USD 10 bn. Negotiations with the local bidder have since ceased, with no active agreements in progress, Reuters reports, citing a separate, unnamed source.
ADIA and GIC have investment ties: Talks of a consortium between the Abu Dhabi and Singaporean wealth funds and private equity firms KKR, Permira, and Hellman and Friedman were in play earlier this month for the purchase of a stake in international school operator Nord Anglia.
OTHER M&A NEWS-
American-Canadian packaging and labeling firm CCL Industries has acquired 100% of its joint venture with the UAE’s Albwardy Family, Pacman-CCL, according to a statement. The acquisition is expected to be completed this summer, the statement said, adding that financial details will be disclosed upon completion.
Fast facts: Albwardy family also owns Spinneys Dubai, which it listed on the DFM earlier this month, as well as several food and logistics ventures, including Al Seer, and hospitality and ins. businesses.
Background: The JV operates five production facilities across the UAE, Saudi Arabia, Egypt, Oman, and Pakistan, and is the Middle East’s largest label converter. It serves clients in the home and personal care, pharma, oil lubricants, food, beverage and dairy markets.
