‎SIIG signs deal to acquire 24% of Denmark’s Unibio International

‎SIIG signs deal to acquire 24% of Denmark’s Unibio International

Saudi Industrial Investment Group (SIIG) signed today, March 27, an agreement to buy a 24% stake in Unibio International, a Denmark-based biotechnology company that specializes in protein-from-methane production technology, according to a Tadawul statement.

The deal is valued at about $70 million (SAR 262.5 million), or 24% of the company's ownership in the current investment round.

The investment will be over two phases, the first of which will see the acquisition of a 9.9% stake by SIIG. The remainder will be acquired after obtaining the Danish Government’s approval for foreign direct investment (FDI) in the country’s companies.

The deal is also pending approval from relevant authorities.

The agreement term is one year to finalize the acquisition procedures. SIIG appointed EY as a financial advisor on the deal, while Bank of America was hired by Unibio.

SIIG and Unibio are also considering developing a project in Saudi Arabia to produce alternative proteins from bacteria using methane.

The project is aimed at strengthening the Kingdom's industrial base. This is besides benefiting from SIIG’s experience in developing similar projects, contributing to supporting food security and fulfilling the growing local and global demand for bioprotein.

Any developments regarding this project will be announced at a later date, the group said.

SIIG added