07:15 AM EDT, 03/19/2024 (MT Newswires) -- International Flavors & Fragrances ( IFF ) said Tuesday it agreed to sell its Pharma Solutions unit to France's Roquette for an enterprise value of up to $2.85 billion.

IFF and Roquette, a plant-based ingredients producer, expect to close the deal in H1 of next year, subject to customary closing conditions, including regulatory approvals.

The Pharma Solutions unit operates 10 research and development or production sites globally, with approximately 1,100 employees, and generated approximately $1 billion in revenue in 2023.

The enterprise value of the deal represents about 13 times the unit's earning before interest, depreciation, taxes, and amortization, IFF said.

IFF shares were up about 1% in premarket trading.

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