KPS Capital Partners, LP entered into a definitive purchase agreement to acquire the remaining 49.7% stake in Primary Products Investments LLC from Tate & Lyle plc (LSE:TATE) for $350 million on May 23, 2024. The consideration consists of $350 million in cash. The transaction is financed through a combination of equity and debt financing.

The proceeds from sale will be returned to shareholders through a share buyback program. The transaction is subject to customary closing conditions and approvals and is expected to close by end of July 2024. Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to KPS Capital.

Evercore Inc. (NYSE:EVR) acted as financial advisor to KPS Capital. Barclays PLC acted as debt financing advisor to KPS Capital. Citigroup Global Markets Limited acted as exclusive financial advisor to Tate & Lyle.

Linklaters LLP acted as legal advisor to Tate & Lyle.