CG Foods, maker of popular noodles Wai Wai, on Tuesday said it has signed a deal to acquire the Russia and CIS businesses of Spain-based GBfoods.
The financial details of the transaction were not disclosed.
A binding agreement has been signed with GBfoods, said a statement from CG Foods, part of the Nepal-based CG Corp.
"GBfoods' business in Russia/CIS, under Gallina Blanca brand, is expected to change its ownership from GBfoods to CG Foods, owned by CG Corp Global, within the coming weeks," the company said.
The acquisition will help CG Foods to grow its foothold in Europe and Commonwealth of Independent States (CIS) regions as well as diversify into culinary products and pastas.
"CG Foods will also leverage the existing distribution strength of GBfoods in Russia & CIS to grow its globally renowned noodle brand WAI WAI," it said.
GBfoods has a presence in Western Europe, along with Russia and CIS, Baltics and around 30 countries in Africa.
CG Corp Global Chairman Binod K Chaudhary said, "I have always dreamt of making WAI WAI a strong global brand, and I am happy to convert this dream into a reality. I believe that this step with Gallina Blanca Russia/CIS will be a milestone in our global journey."
CG Foods is the food division of Nepal-based CG Corp Global, having operations in sectors like FMCG, hospitality, real estate, telecom, energy, infrastructure, financial services and education.
Currently, CG Foods is producing noodles in Nepal, India, Serbia, Bangladesh and Kazakhstan, while a plant in Egypt is under development.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)