Tate & Lyle has snapped up a prebiotic dietary fibre business from China-listed ChemPartner for $237m today, as it looks to tap into the booming global dietary fibres market.
Shares in the FTSE 250 food and drink ingredients firm jumped 2.6 per cent this morning after it announced it would buy Quantum Hi-Tech Biological.
The deal is not set to be voted on by ChemPartner shareholders, tate & Lyle said.
Bosses at tate & Lyle said the deal was aligned with its goal of becoming a growth-focused food and beverage solutions business and will allow it to bolster its footprint in China and Asia.
Quantum posted revenues of $46m and earnings before interest, taxes, depreciation, and amortization (EBITDA) of $14m for the 11 months to 30th November.