Singapore's Olam International buys Indonesia’s BT Cocoa in $90 mln deal

Singaporean food and agri-business company Olam International has reached an agreement to buy Indonesian cocoa and chocolate company Bumitangerang Mesindotama (BT Cocoa), part of YTS Holdings, in a $90 million deal.

With the acquisition, Olam boosts 120,000 metric tonnes of cocoa bean processing capacity and 30,000 metric tonnes of cocoa mass pressing capacity to serve the demand for cocoa products in Asia, especially cocoa powder.

Moreso, the company said the deal strengthens its brand portfolio and its Huysman brand as well as adding value to significant synergies derived and competitive cost advantage.

As part of the deal, Olam gained a controlling 85 percent stake share of YTS Holdings with the other 15 percent of shares to be held by the founding members of BT Cocoa.