IRCA S.p.A. entered into exclusive negotiations to acquire Sweet Ingredients Portfolio from Kerry Group plc (ISE:KRZ) for €500 million on January 11, 2023. The consideration of initial cash consideration of €375 million plus a €125 million interest bearing vendor loan note. In 2022, the expected attributable revenue of the business amounted to €405 million, while the earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled €41 million.

The potential sale is subject to relevant regulatory approvals and routine closing adjustments. The potential sale is expected to close in the first half of 2023. Marco Compagnoni, Ansgar Wimber, Barry Fishley, Benton Lewis, Hayley Lund, Jannelle Marie Seales, Jean Beauchataud, Jennifer Haydel Britz, Jonathan J. Macke, Marco Compagnoni, Oliver Walker, Ramona Y. Nee, Timothy C. Welch and Vadim M. Brusser, Heiner Drueke, Konrad von Buchwaldt, Alexis Brown-Reilly, Ivor Gwilliams, Ellie Marques, Nafees Saeed, Luis Gonzalez, Justin M. DiGennaro, Adrien Coulaud, Briony Pollard, Eithne Bloice-Sanders, Kirstin Fyffe, Kevin Donegan, Avelina Burbridge of Weil, Gotshal & Manges (London) Llp acted as legal advisors to IRCA in this transaction.