Brazil’s BRF finalizes Al Khan Foodstuff acquisition
BRF had previously owned 40 percent of the Oman-based frozen food company
BRF, in a notice to the market published on its website, revealed that the acquisition had been completed on June 21. The value of the transaction has been estimated at US$64 million. Prior to the acquisition, BRF had owned 40 percent of the AKF shares.
When the company on April 25 announced its intent to purchase the remaining shares of AKF, BRF said that the transaction is in line with its strategic plan for globalizing the company, accessing local markets and strengthening BRF brands, distribution and expansion of its product portfolio across the globe.
The AKF transaction is just one of many acquisitions BRF, formerly known as Brasil Foods, has recently announced as it continues to grow globally. In April, the company announced its plans to acquire the assets of Argentinian pork company Campo Austal and Brazilian pork company Globosuinos Agropercuaria. In February, BRF finalized the acquisition of Universal Meats, a food distributor that is headquartered in the U.K. In January, BRF became the owner of part of Qatar National Import and Export Co.’s (QNIE) frozen foods distribution business.