Saudi-listed food delivery platform Jahez International has announced a $245 million agreement to acquire a 76.56% stake in Qatari on-demand delivery company Snoonu, according to a company statement released Wednesday.
Under the deal terms, Jahez will purchase 75% of Snoonu (8.1 million shares) from existing shareholders for $225 million, using a mix of cash and Jahez shares. Additionally, Jahez will invest $20 million in cash to subscribe to 723,960 newly issued shares—equivalent to 1.56% of Snoonu’s capital—raising its total holding to 76.56%.
The acquisition is expected to close in H2 2025, pending regulatory approval and standard closing conditions. Snoonu’s founder and CEO, Hamad Mubarak Al Hajri, will retain a 23.44% stake in the company.
Jahez stated the acquisition would be financed through a combination of existing cash reserves, bank loans, and treasury shares. Post-transaction, Snoonu will continue operating under its existing brand, with an estimated valuation of $320 million.
EFG Hermes KSA advised Jahez on the deal, with legal counsel provided by Kirkland & Ellis.
“This partnership is a win-win for all stakeholders as we expand our presence in the region,” said Ghassab Al-Mandeel, CEO of Jahez.
Jahez Financial Performance
Jahez posted a 183.7% increase in net profit for Q1 2025, reaching $9.4 million, up from $3.3 million a year earlier. Revenue climbed 9.4% year-on-year to $140.2 million, while total orders and active users grew 7.3% and 10.5%, respectively.
Source: Forbes Middle East
