JBT announces intention to acquire Marel for €3.5B; reports prelim 2023 EPS above guidance and 2024 outlook

JBT MAREL Corp

JBT to acquire Marel at €3.60 per share, valuing Marel equity at ~€2.7B and enterprise value at ~€3.5B (incl. net debt).
Offer premium: 54% above Marel's Nov 23 close (ISK 350) and 16% above Jan 18 close; consideration mix ~65% stock, 35% cash.
Expected cost synergies >$125M annually within three years post-close; pro forma net leverage <3.5x at YE2024, <3.0x by YE2025.
Preliminary FY2023 GAAP EPS $4.00-$4.10 (above prior guidance of $3.50-$3.65); adjusted EPS $4.05-$4.15 (prior $3.95-$4.10).
FY2024 guidance: revenue $1.75B-$1.78B, adjusted EPS $5.05-$5.45, adjusted EBITDA margin 17.0%-17.5%.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

JBT MAREL Corp updated its Full Year 2023 guidance (raised).

Period: Full Year 2023
Guidance: raised
Result: preliminary results

Exact text from the filing

JBT Corporation Announces Intention to Launch a Voluntary Takeover Offer to Effectuate Merger with Marel hf; also Announces Solid Preliminary 2023 Financial Results and 2024 Guidance

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Source: SEC EDGAR

accession 0001193125-24-010641

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