(Bloomberg) -- Colombia's financial regulator approved billionaire Jaime Gilinski's takeover bid for a majority stake in food producer Nutresa SA, according to a person with direct knowledge of the transaction.
The approval follows a statement from the stock exchange that it received a standby letter of credit from Nugil SAS for $1.08 billion.
Gilinski is said to have partnered with Abu Dhabi's Royal Group to offer to buy a minimum of 50.1% of shares and a maximum of 62.6%. The offer, at $7.71 per share, represents a 38% premium from where the stock had been trading before the announcement.
Read More: Colombian Pension Fund Is Key in Billionaire's Bid for Food Firm
Having built the bulk of his fortune through banking and private equity investments, Gilinski is worth about $4.4 billion according to the Bloomberg Billionaires Index. He is a shareholder and board member of Bogota-based bank Banco GNB Sudameris and in 2019 he bought a stake in U.K. lender Metro Bank Plc.
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