Saudi Arabian retail group BinDawood Holding has won the auction for two production facilities belonging to bankrupt Estonian dairy company E-Piim Tootmine with a €135.25 million bid.
The plants in Paide and Põltsamaa were auctioned on August 14, with the winning offer substantially exceeding the €80 million starting price.
According to Äripäev, BinDawood plans to proceed with the acquisition subject to regulatory approvals and sees the investment as part of its strategy to diversify operations and expand its presence in food production.
The bid was submitted through the group’s Estonian subsidiary Juust & Jubn OÜ, with law firm Sorainen representing the company in Estonia.
BinDawood plans to finance the transaction from its existing resources and expects the investment to generate returns over the medium to long term.
Read more: ERR.EE
