Kellogg completes acquisition of majority stake in Egyptian biscuit maker Bisco

Kellogg has taken a majority stake in the Egyptian biscuit maker Bisco Misr as it seeks growth by pushing into emerging markets.

The Battle Creek, Michigan, company is paying $125 million, or $12.56 per share (89.86 Egyptian pounds), for 85.93 percent of Bisco's stock. It is financing the deal with debt.

Bisco makes Bisco Luxe, Chico Chico and Bisco Wafers. The Cairo company has three manufacturing plants and about 3,300 employees.

Kellogg Co., whose brands include Keebler, Special K, Pop-Tarts and others, said Thursday that the transaction is not expected to have a material impact on its 2015 earnings.