On 8 June 2026, Ingredion Incorporated and Tate & Lyle PLC announced that they have reached agreement on the terms of a recommended cash acquisition under which Ingredion will acquire the entire issued and to be issued share capital of Tate & Lyle.

Under the terms of the transaction, Tate & Lyle shareholders will receive 595 pence in cash per share, together with permitted dividends of up to 20 pence per share, representing a total value of up to 615 pence per share. The transaction values Tate & Lyle’s equity at approximately £2.7 billion and implies an enterprise value of approximately £3.6 billion.

The acquisition brings together two leading ingredient companies with highly complementary portfolios, technical expertise, and geographic reach. The combined business will create a scaled global specialty ingredients platform capable of addressing growing consumer demand for healthier, affordable, nutritious, and sustainable food and beverage products.

Ingredion stated that the transaction will significantly strengthen its specialty ingredients portfolio across texture, sugar reduction, mouthfeel, sweetening, and fortification solutions. The combined organization will also benefit from expanded innovation capabilities, broader customer solutions expertise, and enhanced global market access across North America, Europe, Asia-Pacific, the Middle East, Africa, and Latin America.

The combined company is expected to generate approximately $9.9 billion in annual revenue and adjusted EBITDA of approximately $1.8 billion. Ingredion anticipates delivering approximately $130 million in annual run-rate cost synergies by the end of 2030 through procurement efficiencies, supply chain optimization, logistics improvements, operational efficiencies, and reduced administrative costs.

Commenting on the transaction, David Hearn, Chairman of Tate & Lyle, said, "Over the last few years, Tate & Lyle has been successfully repositioned as a leading global speciality food and beverage solutions business aligned to growing consumer demand for healthier, more nutritious and sustainable food and drink. Looking forward, we believe the next chapter with Ingredion will create a business with even greater potential, greater scale, and increased investment in innovation in support of customers."

Jim Zallie, Chairman of the Board and Chief Executive Officer of Ingredion, added, "Combining Ingredion and Tate & Lyle’s complementary portfolios creates a global leader in ingredient solutions with the expertise and geographic reach to help shape the future of food. The combined business will be better positioned to serve customers’ needs for the development of great-tasting, healthier and affordable food products that consumers demand."

The boards of both companies believe the transaction will create substantial value for shareholders, customers, employees, and other stakeholders while accelerating innovation across the global food and beverage ingredients sector.

The acquisition is expected to be implemented through a scheme of arrangement under UK law and remains subject to shareholder, court, and regulatory approvals. Subject to the satisfaction of all conditions, the transaction is expected to become effective during the second half of 2027.