Flavor, Fragrance Company Turpaz Acquires Hungarian Peer
Israeli flavor and fragrance company Turpaz Industries has signed an agreement to acquire 60% of the shares of Hungarian peer Food Base for a consideration of USD 9.5 million, from which 60% of the company's net debt will be deducted, according to a report by state news wire MTI.
The seller will be entitled to future consideration based on Food Base's business performance in 2023-2024, Turpaz said in a press release.
The agreement includes a call option for Turpaz to purchase the remaining Food Base shares three years after the expiration date for the completion of the transaction.
The deal is expected to close "in the coming months" subject to regulatory approval.
Food Base had a sales turnover of HUF 2.1 billion last year. The company has an R&D center and production base in Budapest "with the possibility for significant expansion", Turpaz said.
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