WASHINGTON (dpa-AFX) - International Flavors & Fragrances Inc. (IFF) Tuesday announced a definitive agreement with French-based Roquette to sell its Pharma Solutions business unit for an enterprise value of up to $2.85 billion. The companies expect to close the deal in the first half of 2025.
The value represents an enterprise value to EBITDA multiple of approximately 13x.
IFF expects that the agreement with Roquette will support Pharma Solutions' next chapter of growth.
Pharma Solutions operates 10 research and development and/or production sites globally, with approximately 1100 employees, and generated approximately $1 billion revenue in 2023.
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