Yıldız Holding, the parent company of Turkish food giant Ülker, announced Monday that it has acquired U.K.-based United Biscuits for£2 billion.
The acquisition of United Biscuits, the world's sixth-largest biscuits producer, made Yıldız Holding the third-largest biscuit producer in the world. It is also the largest international acquisition made by a Turkish firm.
Yıldız Holding Chairman Murat Ülker said that "an acquisition of this size is not only an important gain for Yıldız Holding, but an important gain for our country." Ülker further added: "Please do not think that we acquired United Biscuits with our capital, our 70 years of experience acquired this 184-year- old company."
Ülker also pointed out that both companies will benefit from the acquisition with their expertise and presence in different markets.
Mainly concentrated on food products, Yıldız Holding is one of the largest Turkish conglomerates with its 58 factories in 10 different countries, 41,000 employees and TL 15.7 billion net sales as of 2013. Yıldız also gained a global reputation through the acquisitions of famous Belgian Godiva Chocolatier and American DeMet's Candy.
United Biscuits emerged as a brand in 1948 following the merger of Carr's (founded in 1830), McVittie Price and MacFarlane Lang. The company has 14 factories, seven of which are located in the U.K., 7,171 employees and £1.14 billion net sales. United Biscuits is the market leader in the U.K. with a 26 percent market share. The company also has a strong presence in Europe, while its largest foreign markets are Saudi Arabia, Nigeria, India and Australia.