CG Foods, maker of popular noodles Wai Wai, on Tuesday said it has signed a deal to acquire the Russia and CIS businesses of Spain-based GBfoods. The financial details of the transaction were not disclosed. A binding agreement has been signed with GBfoods, said a statement from CG Foods, part of the Nepal-based CG Corp. "GBfoods' business in Russia/CIS, under Gallina Blanca brand, is expected to change its ownership from GBfoods to CG Foods, owned by CG Corp Global, within the coming weeks," the company said. The acquisition will help CG Foods to grow its foothold in Europe and Commonwealth of Independent States (CIS) regions as well as diversify into culinary products and pastas. "CG Foods will also leverage the existing distribution strength of GBfoods in Russia & CIS to grow its globally renowned noodle brand WAI WAI," it said. GBfoods has a presence in Western Europe, along with Russia and CIS, Baltics and around 30 countries in Africa. CG Corp Global Chairman Binod K ...
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