A ground-breaking deal has been announced between IFF and DuPont’s Nutrition & Biosciences Business in a Reverse Morris Trust transaction. The M&A values the combined company at $45.4 billion on an enterprise value basis, reflecting a value of $26.2 billion for the N&B business with Combined Pro Forma 2019 revenue of more than $11 billion and $2.6 billion of EBITDA.
DuPont shareholders will own 55.4% of the shares of the new company and existing IFF shareholders will own 44.6%. Upon completion of the transaction, DuPont will receive a one-time $7.3 billion special cash payment, subject to certain adjustments.
The combination of IFF and N&B creates a global leader in high-value ingredients and solutions for global Food & Beverage, Home & Personal Care and Health & Wellness markets. The complementary portfolios will give the company leadership positions across key Taste, Texture, Scent, Nutrition, Enzymes, Cultures, Soy Proteins and Probiotics categories. According to the companies, their combined global reach and enhanced set of capabilities will enable the creation of innovative solutions to respond to customer demands and increasing consumer preferences for natural, healthier, and “better for you” products.
The new company will be equipped to deliver in-demand differentiated solutions for more natural, healthy products to an expanded customer base spanning both large multinationals and fast-growing small and medium-sized customers.
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