The two companies Novozymes A/S and Chr. Hansen Holding combine to one new company. First, the company shall keep the name Novozymes until the new name is created.
Novozymes provides enzymes and microbial technologies while Chr. Hansen Holding is a producer of natural ingredients for several industries. According to the new partners, the merged company is expected to record sales of around €3.5 billion ($3.69 billion). Furthermore, nearly 10,000 employees for the new company across 23 manufacturing plants and 38 research and development centers worldwide.
“We are excited by the immense, additional potential we see in joining Novozymes and Chr. Hansen to create a true global biosolutions leader underpinned by our shared Danish heritage,” stated Jørgen Buhl Rasmussen, chairman of Novozymes. “We are grateful to have such a supportive shareholder in Novo Holdings, one that shares our belief that the two companies will be even better together and enable significant shareholder value accretion.”
The current CEO of Novozymes, Ester Baiget, will remain CEO of the group as well as current CFO of Novozymes, Lars Green, will take over the role as CFO of the new company.
The biggest shareholder of both companies is Novo Holdings. As terms of the agreement, current shareholders of Chr. Hansen will obtain 1.5326 new B-shares in Novozymes, valuing DKK 2 (.28₵) each, after the merger. This represengs an implied premium of 49% to the Chr. Hansen share price. Each Chr. Hansen share values DKK 660.55 ($93.62).
After the merger is completed, planned for the end of 2023, current Novozymes shareholders will obtain 44%, Chr. Hansen shareholders 34% and Novo Holdings will own 22% of all share capital.