Turkey's Yildiz Holding, founded by two brothers in 1944, has acquired United Biscuits, the British maker of Jaffa Cakes, from Blackstone and PAI Partners,
the
Financial Times
reported.
The deal was valued at more than €2 billion.
Other companies interested in the deal were Kellogg's and Burton's Biscuits, which is owned by the Ontario Teachers' Pension Plan of Canada, the
FT
article said.
Yildiz owns Ukler Biskuvi Sanayi, a biscuit and chocolate company. Its chairman is Murat Ulker. The company has expanded into beverages, margarine and liquid oils, dairy products and frozen food, the report noted. The deal is a major global expansion for the company, which sells its products in Europe, Africa and the Middle East, the article said.
The private equity groups acquired United Biscuits in 2006, the article said. (Source:
Financial Times
, Nov. 4, 2014.)
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