Ingredion agrees to buy Tate & Lyle in all-cash deal valued at about $3.6 billion
On June 8, 2026, Ingredion agreed with Tate & Lyle's board on a recommended all-cash acquisition of Tate & Lyle at 595 pence per share, with cash consideration of about £2.7 billion (about $3.6 billion) and an implied enterprise value of about $5.0 billion. Ingredion plans to fund the deal with existing cash, new debt and, if needed, a 364-day bridge loan, and expects pro forma net leverage of about 3.0x net debt-to-adjusted EBITDA at completion. The deal is expected to close in the second half of 2027, subject to Tate & Lyle shareholder and court approval and antitrust conditions, and Ingredion expects it to be adjusted EPS accretive in the first year.
Key points
- Tate & Lyle shareholders would receive 595 pence in cash per share, about a 59% premium to the May 13, 2026 closing price.
- Cash consideration is about £2.7 billion (about $3.6 billion); implied enterprise value is about £3.7 billion ($5.0 billion).
- Ingredion expects pro forma net leverage of about 3.0x at completion and about 2.5x within about 18 months.
- Expected run-rate net cost synergies of about $130 million by the end of 2030, against one-time costs of about $175 million.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 12:59 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on June 09, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.