John Bean Technologies-JBT's Marel Acquisition Clears Last Hurdle, to Rebrand as JBT Marel

Core Points - John Bean Technologies Corporation (JBT) has successfully acquired Marel hf, with 97.5% of Marel shareholders approving the deal, which is set to finalize on January 2, 2025 [1][5] - The combined entity will be named "JBT Marel Corporation" and will trade under the ticker "JBTM" on both NYSE and Nasdaq Iceland starting January 3, 2025 [2] - The merger aims to create a leading global food and beverage technology company, with expected revenues of $4 billion and an adjusted EBITDA margin exceeding 16% [6] Acquisition Details - JBT's initial offer for Marel was €3.15 per share in November 2023, which was later increased to €3.60 per share by June 2024 [3][4] - The acquisition has received necessary approvals from JBT shareholders and regulatory bodies, overcoming the final hurdle with more than 90% acceptance from Marel shareholders [5] Synergies and Financial Impact - The merger is projected to generate cost synergies exceeding$ 125 million within three years, driven by efficiencies in procurement, manufacturing, and administrative functions [7] - Additional revenue synergies of over $75 million are anticipated within three years, attributed to cross-selling opportunities and enhanced customer care capabilities [8] - The deal is expected to be accretive to earnings per share within the first full year post-closing [8] Stock Performance - JBT shares have increased by 33% over the past three months, outperforming the industry average growth of 11.3% [9]