John Bean Technologies Corp. (JBT), an American company developing technological solutions for the food industry, has received permission from the Icelandic Financial Supervisory Authority of the Central Bank of Iceland (FSA) to acquire all issued and outstanding shares of Marel hf. This is reported in the JBT press release.
In April 2024, JBT Corp. has concluded a final acquisition agreement Marel hf. for 3.4 billion euros in accordance with the previously published offer.
The transaction value structure provides for the payment of 35% of the transaction value in cash, including the use of a bridge loan in the amount of 1.9 billion euros, and 65% in JBT shares. Upon closing of the transaction, Marel shareholders will receive 950 million euros in cash and 38% 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 under the brand name JBT Marel Corporation will have a long-term commitment to a presence in Iceland while maintaining headquarters in Gardabaera (Iceland) and Chicago (Illinois).
The transaction is expected to be completed at the end of 2024 after receiving approval from regulators and shareholders. The combined company will retain its listing on the New York Stock Exchange (NYSE) and submit a secondary application for listing JBT shares on Nasdaq Iceland.
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, receiving half of its annual income 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.
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