MANILA – Universal Robina Corp. (URC) said Wednesday it would acquire Australia’s second largest manufacturer of salty snacks in a deal worth AUD 600 million (P21.4 billion).
Snackbrands will expand the Filipino food and beverage giant’s footprint in Oceania, following its acquisition of New Zealand’s Griffin’s in 2014.
The cash-free and debt-free acquisition will allow URC to offer a “wider range of on trend” biscuits, wrapped snacks and salty snacks, URC CEO Lance Gokongwei said in a statement.
The transaction was approved by the boards of both companies and is expected to close by September 30 this year, subject to regulator approval, URC said.
Snackbrands’ stable includes Kettles, Thins, CC's and Cheezels and is a preferred private label supplier to major Australian retailers, according to the URC statement.
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