Symrise AG has submitted a binding offer and has entered into exclusive discussions with the owners of Diana Group with regards to the acquisition of Diana Group, one of the most attractive assets in the flavor and nutrition space.
With the planned transaction, Symrise will significantly expand its position in the flavor and nutrition market, strengthen its backward integration and expand its activities into pet food market.
The investment amounts to €1.3 billion (US$1.8 billion), for which Symrise has already secured the required bridge financing.
The final financing structure will comprise of debt and equity.
The acquisition is expected to be fully earnings per share accretive from 2015.
Diana is headquartered in Vannes, France, and operates own production facilities and sales offices in 23 countries in Europe, North and Latin America and Asia. With
“With Diana we will be able to significantly diversify our portfolio for natural ingredients, tap into new business segments, strengthen our raw material supply and meet the requests for traceability from our customers,” said Dr Heinz Jürgen Bertram, CEO of Symrise.
The joint activities of Diana and Symrise generate pro forma sales of nearly €2.3 billion (US$3.2 billion) with an earnings before interest, taxes, depreciation, and amortization margin of more than 20%.
