John Bean Technologies Corporation (JBT) pursues acquisition of Marel hf.

USA – John Bean Technologies Corporation (JBT) is currently executing a voluntary takeover bid to acquire all outstanding shares of Marel hf. 

The offer will remain valid until either 11 November 2024 or three weeks following the receipt of all necessary regulatory approvals, whichever occurs first, unless an extension is granted.

In April 2024, Marel, a manufacturer of food processing equipment, and the US-based JBT reached an agreement outlining the terms for JBT’s proposed acquisition of Marel’s entire shareholding. 

The offer values Marel shares at €3.60 (US$4.00) , an increase from the previous offer of €3.40 (US$3.78). 

Under the proposal, shareholders will have the choice to receive either cash, JBT common stock, or a mix of both. 

The total valuation for Marel stood at €2.7 billion (US$3B).

The proposed deal anticipates a consideration distribution of 65% stock and 35% cash. 

This arrangement will lead to Marel’s stakeholders receiving €950 million (US$1.05B) in cash collectively and retaining approximately 38% of ownership in the new entity.

The completion of the takeover depends on receiving valid acceptances from Marel shareholders holding at least 90% of the company’s shares, as well as approval from JBT shareholders for the issuance of JBT stock as part of the offer. 

Eyrir Invest hf., the largest Marel shareholder with about 25% of the company’s shares, pledged to accept the offer for all its shares.

As per the April agreement, the merged entity will operate under the name JBT Marel Corporation. 

Marel’s current facility in Gardabaer, Iceland, will serve as JBT’s European headquarters and a global technology center. 

The combined company will be listed on the New York Stock Exchange and will also pursue a secondary listing on Nasdaq Iceland upon completion of the transaction.

The agreement stipulates that Brian Deck, JBT’s current CEO, will remain in his role as CEO of the combined entity, while Marel’s CEO, Arni Sigurdsson, will assume the position of president.

JBT, a prominent provider of technology solutions for the food and beverage industry, employs approximately 5,100 people globally and reported revenues of US$1.6 billion last year.

 Marel is a food processing solution that offers sustainable machinery and solutions for the poultry, meat, fish, prepared foods industries, among others. 

With a workforce exceeding 8,000 across more than 30 countries, the company generated revenues of US$1.93 billion in 2023.

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