Yildiz has not confirmed the sale price, although media reports have suggested that the sellers, US private equity consortium Blackstone Group and PAI Partners, had been in talks over a price of around $3bn. In a statement confirming the purchase, Yildiz said that the acquisition is in line with its strategy of international diversification, and complements its existing confectionary and food manufacturing businesses. Yildiz's main Turkish manufacturing arm, the 70-year-old Ulker Biskuvi Sanayi group, is Turkey's biggest biscuit and snack manufacturer, and already distributes its products to 85 countries, giving it a strong presence in North America, China, Japan and the Middle East & North Africa region, and has manufacturing operations in six countries including Saudi Arabia and Egypt. In recent years Yildiz has expanded from biscuits and chocolate into beverages, margarine and dairy products, as well as frozen and other convenience foods.