Gokongwei-led Universal Robina Corporation (URC) acquired Malaysia’s Munchy Food Industries (Munchy’s) for $453.5 million (P22.8 billion).

In a stock exchange filing, URC said its subsidiary, URC Snack Foods Malaysia, has reached an agreement with private equity firm CVC Capital Partners to acquire 100% of Munchy’s.

URC added that the deal was made on a “cash-free, debt-free basis.” The transaction is expected to close by December.

Established in 1991, Munchy’s is Malaysia’s top biscuit company. Its brands include Munchy’s Cream Crackers, Lexus Cream Sandwich, Oat Krunch, Muzic Wafer, and Choc-O Cookies.

“URC is delighted to announce the acquisition of Munchy’s which will add immediate value to our international product portfolio, and scale up our Malaysian market position to leadership in the biscuits category,” said Irwin Lee, president and chief executive officer of URC.

Rodney Wong, Munchy’s CEO, said their inclusion into URC would allow them to “have access to research and development expertise in multiple categories, enhance market knowledge, route to market, and manufacturing capabilities in countries outside of Malaysia.” – Rappler.com