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Saudi food delivery firm Jahez to acquire 76% stake in Qatar’s Snoonu for $245mln

The Saudi-listed food delivery firm Jahez is acquiring a 76.56% stake in Qatari on-demand delivery company Snoonu in a $245 million transaction.

The acquisition will mark Jahez’s entry into the Qatari market, as part of its GCC expansion drive.

Jahez will acquire 8,144,546 shares, representing 75% of Snoonu’s share capital from existing shareholders for $225 million, in a combination of cash and shares in the Saudi company.

Following this, Jahez will subscribe to 723,960 newly issued shares in Snoonu, representing an additional 1.56% of the share capital, for an additional cash consideration of $20 million.

The deal is expected to be completed by H2 2025, with Jahez owning the majority stake in the Qatari firm, with Snoonu founder and CEO Hamad Mubarak Al Hajri owning the remaining 23.44%.

The transaction is subject to approvals from the relevant authorities and customary closing conditions.

Launched in 2019, Snoonu is a multi-vertical platform that spans food, grocery, e-commerce, and logistics. Following the deal, Snoonu’s valuation is estimated to be 1.165 Qatari dinars ($320 million).

Post-acquisition, Snoonu will continue to operate under its own brand.

Jahez said the transaction will be funded by its existing cash reserves and bank facilities, as well as existing treasury shares held by the company.

Launched in 2016, Jahez provides on-demand services, q-commerce, last mile delivery, digital solutions and cloud kitchens across Saudi, Bahrain and Kuwait.

EFG Hermes KSA acted as the financial advisor, while Kirkland & Ellis acted as the legal advisor for Jahez Group.