M&As this week: IFF, Atria

International Flavors & Fragrances (IFF) has reached an agreement to acquire David Michael & Company for an undisclosed sum that will be funded from existing resources.

The acquisition is expected to be completed in the fourth quarter of this year, subject to statutory regulatory approvals and customary closing conditions, and is expected to add approximately $85m in revenue to IFF by next year.

The target company produces flavours, stabilisers and natural colours, while both companies involved in the transaction are based in the US.

Finnish beef producer Atria is set to acquire a 70% stake in Kaivon Liha Kaunismaa Oy, a hamburger and kebab products producer, with the Finnish Competition and Consumer Authority (FCCA) having approved the proposal.

The decision to acquire was announced by Atria last month, while the terms of the acquisition and price are yet to be finalised.