Abraaj Investment Management has secured approval from the Egyptian Financial Supervisory Authority to acquire 51% stake in the nation's confectionery producer Bisco Misr for $119m.
The company, which will pay £73.91 per share, will begin buying shares of Bisco Misr on 20 November.
The transaction is expected to be completed by 17 December, Reuters reported.
Earlier in November, Bisco Misr's shareholders owning 56% share in the cakes and biscuits producer, had agreed to sell to Abraaj.
However, Bisco Misr said that it was still possible for interested parties to bid for the acquisition.
Breakfast cereal maker Kellogg had also made a bid, but Bisco Misr did not say if it expected Kellogg or any other party to make a formal offer.
Upon completion of the acquisition, Abraaj will create expansion and export opportunities for Bisco Misr as well as develop new products that will form part of a compelling offering in sweet and savoury snacks.
