Closing of this acquisition is subject to the satisfaction of conditions precedent applicable to transactions of this nature, including approval by regulatory authorities.

BRF Arabia, a joint venture between 70% of Brazilian meat company BRF and 30% of Halal Products Development Company (HPDC), a wholly owned subsidiary of Saudi Arabia’s Public Investment Fund (PIF), has entered into a binding agreement to acquire 26% of Addoha Poultry Company, a company operating in the poultry meat industry in Saudi Arabia, for 316.2 million Saudi riyals (US$84.1 million).

Closing of this acquisition is subject to the satisfaction of conditions precedent applicable to transactions of this nature, including approval by regulatory authorities.

The transaction has a total value of SAR 316.2 million (equivalent to US$84.1 million), of which SAR 216.2 million (US$57.5 million) will be paid to Addoha.

The current shareholders of Addoha and BRF Arabia will sign an agreement to ensure effective participation in the management of the company and allowing the know-how of BRF and HPDC to contribute to maximizing synergies between the entities.

With this investment, BRF takes an important step in consolidating its portfolio and operations in the Middle East.

Furthermore, the transaction consolidates BRF as one of Saudi Arabia's main partners in its food security agenda, a country in which the company has operated for 50 years.