03:54 AM EDT, 04/05/2024 (MT Newswires) -- John Bean Technologies ( JBT ) said Friday it finalized a definitive transaction agreement related to its previously announced intention to fully acquire Icelandic food processing company Marel.

The terms of the offer are consistent with JBT's prior announcement in January, the company said. Shareholders of Marel will have the option to receive 3.60 euros ($3.90) per share in cash, 0.0407 of JBT shares or a combination of 1.26 euros per share in cash and 0.0265 of JBT stock.

The estimated consideration mix will be 65% stock and 35% cash, resulting in Marel investors receiving 950 million euros in cash and holding a 38% stake in the combined entity.

Both companies plan to submit preliminary proxy statement on Form S-4 with the US Securities and Exchange Commission and a prospectus with the Icelandic central bank. JBT expects to launch the offer in May, while the deal is anticipated to close by the end of 2024, subject to regulatory approvals.

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