IFF to Sell Food Ingredients Unit for $4.3 Billion; Shares Rise in Premarket
International Flavors & Fragrances Inc. has reached an agreement to sell its Food Ingredients business to funds advised by CVC Capital Partners for approximately $4.3 billion. The transaction, which values the unit at an enterprise value-to-EBITDA multiple of roughly 10x, leaves IFF with a 10% minority equity stake and a board seat in the new compa…