Kerry Group has announced its intention to acquire Biosearch Life, a Spanish company that sells probiotic products made from human breast milk, for a total consideration of €126.9 million.
The voluntary tender offer has been launched by Kerry Iberia Taste & Nutrition for 100% of the share capital of Biosearch Life and follows the group’s acquisition of Canadian probiotics company, Bio-K Plus International.
Based in Granada, Biosearch Life operates in the pharmaceutical, nutraceutical and functional food sectors and has over 150 employees. The Spanish biotechnology company offers a range of products in three primary areas: omega-3 fatty acids, botanical extracts and probiotics (with many obtained from human breast milk) under the respective brands, Eupoly-3, Exxentia and Hereditum.
Biosearch Life’s ingredients are distributed across Europe, Asia and the US and can be used in a variety of applications such as dairy products, baby food, beverages and bakery products.
Grupo Lactalis Iberia – the main shareholder of Biosearch Life – has irrevocably undertaken to accept the offer in respect of its 29.5% stake in the company. Under the terms of the agreement, the public tender offer is for 57.7 million shares valued at €2.20 per share, reaching a total consideration of €126.9 million.
The deal is addressed to all of Biosearch’s shareholders and is subject to the approval of the Spanish National Securities Markets Commission.
© FoodBev Media Ltd 2020
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