Facebook today announced it has agreed to buy the largest grocery store in Israel for $500 million.
According to a press release, Facebook acquired Israel’s first and only grocery store chain, Beit Hava, for $50 million, bringing its total purchase to $550 million.
The grocery chain’s owner, Beyt Hariv, has said he hopes to increase the size of the company and expand its grocery business to include a range of products.
The purchase of Beit hava by Facebook is the largest ever by a foreign investor in a local Israeli company.
Facebook acquired the company for $100 million in March 2017, shortly after Facebook acquired Instagram for $1 billion.
Facebook bought a number of Israeli companies, including Yum Brands, which owns Taco Bell and Taco Express, and Alko Brands, a clothing company, for around $100 billion.
The company said in its press release that it will retain the Beit havash grocery chain for a period of time.
Facebook bought the grocery chain in October 2015 for $250 million.
In September 2017, Facebook said it will buy an additional 10 grocery stores, bringing the total number of grocery stores in Israel to 40.
The company said the acquisition will boost the size and diversity of its online grocery business, which already includes grocery delivery services.