JBT Corporation Secures All Required Approvals for Marel Acquisition

JBT Corporation Moves Forward with Marel Acquisition

JBT Corporation (NYSE: JBT), a prominent global technology solutions provider in the food and beverage sector, has recently confirmed that it has received all necessary regulatory approvals required to finalize the acquisition of Marel hf. This strategic transaction highlights JBT’s commitment to expanding its capabilities and enhancing its service offerings.

Regulatory Approvals Received

In a significant development, JBT Corporation achieved a key milestone with the European Commission’s clearance decision for the acquisition. This decision, reached during the Phase 1 review period, underscores JBT’s compliance with both local and international regulatory standards. Furthermore, the Australian Competition and Consumer Commission confirmed it does not oppose the transaction, paving the way for a simpler integration process.

Timelines and Acceptance Conditions

JBT’s voluntary takeover offer is set to expire shortly thereafter, unless an extension is applicable. The company needs a minimum acceptance threshold from Marel shareholders, with expectations resting on at least 90 percent of the shares. Once the offer period concludes, JBT is prepared to settle the transaction within five business days in Iceland, moving forward promptly with the closure of this significant acquisition.

Advisors Backing the Transaction

To facilitate this acquisition, JBT has enlisted the expertise of various advisors. Goldman Sachs Co LLC is serving as the financial advisor, while Kirkland & Ellis LLP and LEX are providing legal counsel. These industry leaders enhance JBT’s negotiation capabilities and ensure that the transition progresses smoothly across jurisdictions.

Importance of This Acquisition

This acquisition of Marel is vital for JBT, as it allows the company to expand its footprint in the food technology sector. By integrating Marel's advanced offerings into its existing portfolio, JBT aims to bolster its service capabilities, providing innovative solutions that cater to a wide array of clients. The synergy created through this merger promises enhanced efficiency and strengthened customer relations.

About JBT Corporation

Headquartered in Chicago, JBT Corporation (NYSE: JBT) is recognized for designing and supplying advanced technology solutions for customers in the food and beverage industry. The company operates on a global scale, with operations in more than 25 countries and over 5,100 employees contributing to its diverse portfolio. Approximately 50% of JBT's annual revenue stems from recurring service contracts, parts, and leasing operations, indicating a robust business model focused on sustainability and customer loyalty.

Frequently Asked Questions

What does JBT Corporation do?

JBT Corporation provides advanced technology solutions primarily for the food and beverage industry, focusing on design, manufacturing, and servicing systems to enhance production efficiency.

What is the significance of the acquisition of Marel?

The acquisition allows JBT to expand its market presence and enhance its service offerings, tapping into Marel's innovative technologies to provide better solutions to customers.

When is the acceptance period for Marel shareholders?

The acceptance period for Marel shareholders is set to close on a specified date soon, provided JBT fulfills the minimum threshold of acceptance.

Who are JBT's advisors for this acquisition?

Goldman Sachs Co LLC is acting as the financial advisor, with Kirkland & Ellis LLP and LEX providing legal counsel to JBT Corporation.

How does JBT Corporation maintain its revenue?

A significant portion of JBT's revenue comes from recurring parts, services, and leasing operations, ensuring a stable financial foundation and customer retention.

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