Philippines-based San Miguel Pure Foods is to acquire the La Pacita biscuit business from local peer Felicisimo Martinez & Co.

The deal, announced on Friday (21 November) for an undisclosed sum, marks San Miguel’s move into the biscuits sector. The company, part of Philippines conglomerate San Miguel Corp., sells products including cheese, ice cream and milk under its Magnolia brand, while also operating in sectors as diverse as meat and coffee.

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San Miguel said it had struck a deal to “acquire the trademarks, formulations, recipes and other intangible properties relating to the seller’s La Pacita biscuit and flour-based snack business”.

The acquisition of the La Pacita assets also follow San Miguel’s failed move for UK-based biscuit group United Biscuits.

San Miguel was an early bidder for the McVitie’s maker, which is set to be taken over by Turkey’s Yildiz Holding.