Ingredion to Acquire Tate & Lyle at 595p (~59% Premium); ~$10B Combined Ingredients Major
Recommended all-cash deal (announced Jun 8, 2026): Ingredion buys Tate & Lyle at 595p/share, ~£2.7B ($3.6B) equity / ~£3.7B EV. Combined revenue ~$10B; ~$130M synergies targeted by 2030; close H2 2027.
TL;DR — Recommended all-cash: Ingredion → Tate & Lyle at 595p/share (~59% premium), equity £2.7B ($3.6B), EV
£3.7B. Combined revenue **$10B**; ~$130M synergies by 2030; close H2 2027. A specialty-ingredients consolidation around texture + "healthful solutions."
Structure
| Ingredion (buyer) | Tate & Lyle (target) | |
|---|---|---|
| HQ | Westchester, Illinois | London, UK |
| Makes | Starches, sweeteners, plant proteins, texture | Specialty sweeteners, texturants, dietary fibers |
| Role | All-cash acquirer | Acquired at 595p/share (~59% premium) |
| Combined | ~$10B annual revenue · ~$130M targeted synergies by 2030 · close H2 2027 |
Rationale
- Reformulation demand (sugar/fat reduction, mouthfeel); >half of combined revenue from Texture + Healthful Solutions.
- Jim Zallie, CEO, Ingredion: the combination is "better positioned to serve customers' needs for… great-tasting, healthier and affordable food products."
FAQ
Price/premium?
595p/share, ~59% premium; £2.7B equity ($3.6B).
Combined scale?
~$10B revenue; ~$130M synergies by 2030.
Close?
H2 2027, pending approvals.
Business?
Specialty sweeteners, starches, fibers, texturants — "behind-the-label" ingredients.
Sources: Ingredion, Food Dive, RTÉ.
Image: Pete Chapman, CC BY-SA 2.0, via Wikimedia Commons.
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