Tate & Lyle has snapped up a prebiotic dietary fibre company from China-listed ChemPartner for $237m today.
Shares in the FTSE 250 food and drink ingredients firm jumped 2.6 per cent after it announced it would acquire Quantum Hi-Tech Biological in a $237m deal.
The sale is not set to be voted on by ChemPartner shareholders, Tate & Lyle said.
Bosses said the deal was aligned with its goal of becoming a growth-focused food and beverage solutions business and will allow it to add to its footprint in China and Asia.
Quantum posted revenues of $46m and earnings before interest, taxes, depreciation, and amortization (EBITDA) of $14m for the 11 months to 30th November.