JBT Corporation, an American provider of technological solutions for the food industry, has submitted a revised offer to acquire the Icelandic food processing company Marel hf. This is reported in the JBT press release.
The transaction value is 3.4 billion euros (3.40 euros per share, which is 46% higher than the closing price on December 13, 2023). In addition, JBT has received an irrevocable commitment to acquire 24.7% of Marel shares owned by Eyrir Invest hf.
The transaction value structure is a combination of 50% cash and 50% shares. After the closing of the transaction, Marel shareholders will own 29% of the shares of the combined company.
The deal aims to combine two large companies with complementary portfolios to create one of the largest companies developing technological solutions in the food and beverage industry. The merger will provide attractive cross-selling potential and the opportunity to enter the market while saving money and further increasing growth potential.
The combined company will have a long-term commitment to a presence in Iceland while maintaining headquarters in Gardabaera (Iceland) and Chicago (Illinois). JBT will consider the possibility of maintaining a listing on the NYSE stock Exchange with a secondary listing in Reykjavik.
Goldman Sachs Co LLC acts as financial advisor, and LEX and Kirkland & Ellis LLP act as legal advisers to JBT.
JBT is an American provider of technological solutions in the food and beverage industry. The company develops, manufactures and maintains equipment for a wide range of end markets, receiving half of its annual revenue through the supply of spare parts, maintenance, reconstruction and leasing operations. The headquarters is located in Chicago (Illinois) with offices in 25 countries.
Marel is a multinational food processing company headquartered in Gardabera (Iceland) with offices in 30 countries. The company manufactures equipment for food processing.
