Saudi Arabian F&B group Almarai Company has signed an agreement to acquire water company Pure Beverages Industry Company in a deal valued at SAR 1.04 bn (approx. $277m).

Pure Beverages, also based in Saudi Arabia, produces bottled drinking water under brands including Ival and Oska.

In a statement announcing the acquisition, Almarai said it aligns with the company’s growth strategy to expand its beverage portfolio and enhance its consumer offerings. The company currently provides a portfolio spanning dairy, bakery, poultry, beverages and specialised nutrition.

The share purchase agreement, covering 100% of the total shares of Pure Beverages, will be financed through Almarai’s internal cash flows.

Headquartered in Riyadh, Pure Beverages was established in 1979 and operates several manufacturing facilities in Saudi Arabia. Through its range of bottled waters, it aims to ‘cater to the aspirations of a wide range of consumers in a dynamic society’.

The acquisition’s completion is subject to contractual conditions and regulatory approvals.