Gretchen W. McClain, CEO of Huber, stated that the deal “unlocks the full value of CP Kelco and our long-term partnership as a shareholder in Tate & Lyle signifies Huber’s long-term desire to remain engaged in the attractive food and beverage market.”
Regulatory and Shareholder Approval
The deal is classified as a Class 1 transaction under the U.K. Listing Rules, requiring approval from more than 75% of Tate & Lyle shareholders. However, upcoming changes to the U.K.’s Listing Rules may remove this requirement if implemented before the end of August. The acquisition is also subject to regulatory approvals, with the companies expecting the deal to close by the end of 2024.
Tate & Lyle $1.8B CP Kelco Deal : Financial Advisors
Greenhill & Co. International LLP, Citigroup Global Markets Ltd., and Goldman Sachs International are acting as financial advisers to Tate & Lyle. BofA Securities is serving as financial adviser to Huber.
In addition to the acquisition news, Tate & Lyle announced a $270 million share buyback program following the $350 million sale of its interest in Primient.
