Nestle has confirmed plans to acquire the remaining shares in Israeli food firm Osem Investments in a deal worth ILS3.3bn (US$840.5m).

The world’s largest food maker, which owns just short of 64% of Osem, plans to buy out the remaining 36.3% of the business. Nestle is paying ILS82.50 per share for the stake.

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The move will also see Osem delist from the Tel Aviv Stock Exchange.

“Nestle has a long history of investment in Osem, dating back to 1995, and looks forward to continue to partner with the Osem management to develop the company,” Nestle said in a statement on its website.

Nestle did not comment when asked by just-food how the deal would enhance its business.

The transaction is subject to approval of Osem’s minority shareholders.

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Osem operates out of nine factories in Israel. It makes pasta, salad dressings and ice cream under the Nestle and other brand names.