- Transaction is expected to finalise by the second half of 2025
The Saudi-listed food delivery company Jahez has announced its acquisition of a 76.56 per cent stake in the Qatari on-demand delivery firm Snoonu through a $245 million transaction.
The strategic move marks Jahez’s entry into the Qatari market and forms part of its broader expansion across the Gulf Cooperation Council (GCC) region.
Jahez will acquire 8,144,546 shares, representing 75 per cent of Snoonu’s share capital, from existing shareholders for $225 million, using a combination of cash and shares in Jahez.
In addition, Jahez will subscribe to 723,960 newly issued shares, equivalent to 1.56 per cent of Snoonu’s share capital, for $20 million in cash.
The transaction is expected to finalise by the second half of 2025, with Jahez holding the majority stake and Snoonu’s founder and CEO, Hamad Mubarak Al Hajri, retaining a 23.44 per cent ownership.
Subject to regulatory approvals and customary closing conditions, the deal values Snoonu at approximately 1.165 billion Qatari riyals (approximately $320 million).
Founded in 2019, Snoonu operates a multi-vertical platform spanning food, grocery, e-commerce, and logistics, and will continue operations under its own brand post-acquisition.
Jahez, established in 2016, offers a range of services including on-demand delivery, quick commerce, last-mile logistics, digital solutions, and cloud kitchens across Saudi Arabia, Bahrain, and Kuwait.
The acquisition will be financed through Jahez’s existing cash reserves, bank facilities, and treasury shares. EFG Hermes KSA served as financial advisor while Kirkland & Ellis provided legal counsel to Jahez.