Jahez, a Saudi food delivery firm, acquires 100% shares of The Chefz, which is equal to 134,620 shares, in a 650 million SAR transaction, which accounts for more than $172 million. The Chefz owns Best Chefs, which is a catering company and also operates a delivery app specializing in sweets, flowers, and perfumes.
The transaction deal will consist of a cash consideration of 325 million SAR and an in-kind consideration through the issuance of new shares to the sellers with the same value.
The transaction will allow Jahez to complement its food delivery platform in quick service, with The Chefz’s offerings in fine dining, confectionery, and leisure goods according to Jahez.
The deal is still subject to regulatory approvals and is expected to close in the first quarter of 2023.
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