BRF, a meat, poultry and food company headquartered in Brazil, has signed a binding memorandum of understanding with Qatar National Import and Export Co. (QNIE) for the acquisition of a part of QNIE’s frozen distribution business in Qatar.
QNIE has been BRF’s distributor in the State of Qatar for more 40 years.
Subject to the satisfaction of the conditions precedent set forth in the memorandum of understanding, the parties will execute the definitive documents providing for the acquisition of the business, based on a total enterprise value of US$140.0 million. The acquisition will be made in accordance with local laws and regulations of the State of Qatar.
According to a statement issued by BRF, the QNIE transaction is in line with the company’s strategic plan of globalization, accessing local markets, strengthening BRF’s brands, distribution and expansion of its product portfolio around the globe.
BRF’s decision to purchase part of QNIE comes on the heels of the announcement of another planned acquisition. The company, formerly known as Brasil Foods, announced in early October that it intended to expand its presence in Argentina by acquiring the Vieníssima, GoodMark, Manty, Delícia, Hamond, Tres Cruces and Wilson brands.
In June, BRF finalized a joint venture with Singapore Food Industries, which will be known as SATS BRF Food and will create a food distribution and meat processing business that offers branded products initially for the Singapore market and later also for other parts of Southeast Asia.