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FRASER and Neave, a food and beverage and property conglomerate, is planning to buy vending machine provider Warburg for S$29 million.
The proposed acquisition covers the entire issued share capital of Warburg Vending, Warburg Engineering and Warburg Vending Services.
F&N said in a press release that Warburg, which has 18 years of operating experience, has been partnering the firm since 2011. With the acquisition, F&N is set to triple its total number of active vending machines.
"The group will be able to offer consumers added convenience and a wider choice of products, ranging from pasteurised products, to bottled and canned soft drinks, hot beverages as well as snacks, at more locations islandwide," said Lee Meng Tat, CEO of non-alcoholic beverages.
F&N said the acquisition is earnings accretive and will be funded fully from internal sources.