DSM to Buy Animal Nutrition Firm in Brazil

DSM has agreed to acquire animal nutrition firm Tortuga Companhia Zootécnica Agrária (São Paulo) for a total enterprise value of about €465 million ($574 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 due to close in the first quarter of 2013. Privately owned Tortuga specializes in nutritional supplements mainly for pasture-raised beef and dairy cattle...

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