The Saudi Agricultural and Livestock Investment Company (SALIC) and Minerva Foods have acquired Australian Lamb Company (ALC) for AUD 400 million ($253 million approx.).

ALC, one of the largest meat producers in Australia, has the capacity to process up to around 100,000 tons of lamb and sheep meat annually, exporting to more than 70 countries worldwide.

The acquisition was completed through Minerva Foods Australia, a joint venture established last year between SALIC and Minerva.

Sulaiman Al-Rumaih, CEO of SALIC, a wholly owned subsidiary of Saudi Arabia’s Public Investment Fund, said: “The acquisition is in line with SALIC’s strategy to contribute to the national food security objectives through globally diversified investments in countries with a competitive advantage such as Australia, which accounts for 42% of global red meat exports, taking into consideration that sheep meat represents 49% of red meat consumption in the Kingdom of Saudi Arabia”.