Colombian billionaire Jaime Gilinski secures 84.5% control of Grupo Nutresa after USD 2bn acquisition of Nugil

In a landmark deal reshaping Colombia’s corporate landscape, billionaire investor Jaime Gilinski Bacal has acquired full ownership of Nugil, a key holding vehicle used in his multi-year campaign to take over Grupo Nutresa, one of Colombia’s largest food conglomerates. The acquisition, finalised in April 2025 for USD 2bn, effectively consolidates Gilinski’s direct control over 84.5% of Nutresa’s shares, marking the end of a high-stakes takeover saga that began in 2021.

Launched in late 2021, Gilinski’s takeover began with a controversial public tender offer to buy up to 62.6% of Nutresa, seen as a direct challenge to the Grupo Empresarial Antioqueño (GEA) - the entrenched conglomerate that had historically controlled Nutresa via a cross-holding structure with Grupo Sura and Grupo Argos.

Despite early resistance and accusations of a “hostile takeover,” Gilinski continued accumulating shares through Nugil and related entities. By early 2024, his group held a combined stake exceeding 80%, but formal control was not fully consolidated. In February 2024, Gilinski and UAE-based International Holding Company (IHC) acquired a 45.5% stake in Nutresa through a share swap valued at USD 3.5bn, followed by an additional 22.5% purchased via a tender offer for USD 1.2bn.

The acquisition of 100% of Nugil’s shares, financed through a USD 2bn bridge loan disbursed by Nutresa, eliminated the final layer of separation between Gilinski and Nutresa, transferring Nugil’s 34.8% stake directly under his control. When combined with holdings in JGDB and IHC Capital Holding, this made Gilinski the beneficial owner of 84.5% of Grupo Nutresa. The move was approved by the majority of shareholders at a special meeting.

This consolidation gives Gilinski not only voting and board control - he was appointed President and legal representative of Nutresa - but also strategic freedom to implement sweeping changes. Financial experts noted that Nugil initially acquired Nutresa shares using debt, and that Nutresa itself later helped service this debt, enabling Gilinski to secure control with minimal external capital- a maneuver hailed as “audacious and unprecedented.”

Now at the helm of Nutresa, Gilinski has hinted at ambitious international expansion plans, targeting markets such as Mexico, the UAE, Saudi Arabia, India, and Egypt. Analysts expect potential asset sales, operational restructuring, and new alliances, as Gilinski seeks to unlock long-term value and extend Nutresa’s reach beyond Latin America.

The deal also officially ends GEA’s nearly 50-year grip on Nutresa, symbolising a new era for Colombian corporate governance - one driven by individual entrepreneurial vision over traditional conglomerate control.

 

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