Brazilian BRF and Qatar Investment Authority to acquire Turkey’s Banvit
Reuters - Brazilian food processor BRF SA and Qatar’s sovereign wealth fund, Qatar Investment Authority (QIA) have jointly announced the acquisition of Turkish poultry company Banvit.
BRF and QIA will have a 60 and 40 percent share in the joint venture respectively, while the deal is valued at TRY 915 million for acquiring 79.48 percent of the shares. A second phase involving a tender offer for the rest of the company will be held at a later date.
BRF Vice President for Finance and Investor Relations Alexandre Borges said in an interview that it is an attractive deal for the Brazilian company, and added that they can use their own cash or pursue an alternative such as raising money through OneFoods.
OneFoods is a subsidiary of BRF that began operations last week as part of the parent company’s strategy to move into the halal market. Banvit will be integrated into this new company.