DSM to Buy Animal Nutrition Leader in Brazil for €465 Million

DSM says it has agreed to acquire animal nutrition company Tortuga Companhia Zootécnica Agrária (São Paulo) for a total enterprise value of about €465 million ($575.1 million) in cash. An adjustment in the purchase price up to a maximum enterprise value of about €490 million can be made, depending on Tortuga's 2012 Ebitda result and using the same Ebitda multiple, DSM says. The deal is expected to close in the first quarter of 2013. Privately owned Tortuga specializes in nutritional supplements mainly for pasture-raised beef and...

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