Darling Ingredients (DAR) said Monday it signed a non-binding term sheet with Tessenderlo Group to merge their collagen and gelatin businesses into a joint venture named Nextida, with no initial cash investment required from either party.
The company said it will hold an 85% majority stake in Nextida, while Tessenderlo will retain a 15% interest, pending regulatory approvals and final agreements.
The venture will combine Darling's Rousselot brand with Tessenderlo's PB Leiner, forming a new company with about $1.5 billion in annual revenue and production capacity of 200,000 metric tons across 23 facilities worldwide, the company said.
Darling said the transaction is anticipated to close in 2026.
Shares of Darling Ingredients were 7.7% higher in recent premarket activity.
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