Swiss food producer Hero Group has agreed to acquire 50% stake of its Turkish partner Yildiz Holding in infant food joint venture (JV), Hero Gida.
The JV was established a decade ago in Ankara to produce and sell baby food products under the Ülker Hero Baby brand.
Hero said in a statement, "The acquisition is a strategic move to enhance Hero's position in global infant nutrition and underlines the company's commitment to the region."
The transaction is subject to the receipt of regulatory approvals.
Following the completion of the deal, Hero Gida will offer products exclusively under the Hero Baby brand, while the Ülker Bebe biscuit brand will be retained by Yildiz.
Yildiz Holding is a manufacturer of food products with a portfolio of 65 companies, including Godiva Chocolatier.
Established in 1886, Hero produces infant nutrition and fruit products, and its operations are primarily based in Europe, North America, Middle East/Africa and Turkey/Central Asia.
