Ingredion agreed on 8 June to buy Tate & Lyle for 595p a share in cash, valuing the London-listed food ingredients group at about £2.7bn and £3.7bn including debt.
Why Ingredion Incorporated is buying Tate & Lyle PLC
Ingredion said combining the two complementary portfolios would create a global leader in ingredient solutions, with roughly $9.9bn of revenue and $1.8bn of adjusted EBITDA, and would be more than 15% accretive to adjusted earnings per share.
“Combining Ingredion and Tate & Lyle’s complementary portfolios creates a global leader in ingredient solutions with the expertise and geographic reach to help shape the future of food.”
Deal terms and financing
Shareholders receive 595p in cash plus a 2026 final dividend of up to 13.2p and an interim dividend of up to 6.8p, a headline value of up to 615p. The cash price is a 58.7% premium to the 13 May close and implies about 8.8 times adjusted EBITDA before synergies. Ingredion targets about $130m of annual net cost savings by the end of 2030, with one-off costs of about $175m.
Regulatory approvals and timing
The deal is being implemented by a scheme of arrangement. Shareholders approved it on 28 July with 98.64% of votes cast in favour; completion depends on material antitrust clearances and court sanction and is expected in the second half of 2027.
Market context
Tate & Lyle has repositioned itself as a speciality food and beverage solutions group and completed its $1.8bn acquisition of CP Kelco in November 2024. In the year to March 2026 its reported revenue rose 16% to £2.01bn. Ingredion had earlier made an unsolicited 530p approach that Tate & Lyle said undervalued the company.
