Novozymes and Chr. Hansen to combine and create leading global biosolutions partner

The transaction, which is subject to various conditions, including anti-trust clearances, regulatory and general meeting approvals, is structured as a statutory merger with Novozymes as the continuing entity.  

The combined group will have an annual revenue of around EUR 3.5bn, estimated annual revenue synergies of EUR 200 million with EUR 80-90 million EBIT impact achievable within four years after completion and estimated EUR 80-90 million in cost synergies achievable within three years after completion. The boards of both companies support the transaction and Novo Holdings, the largest shareholder in both Novozymes and Chr. Hansen, has provided irrevocable undertakings in support of the proposed merger.

Plesner advised Novozymes as lead counsel. The Plesner team was led by Thomas Holst Laursen and included, among others, Micha Fritzen, Janus Jepsen, Simon Mejer, Gitte Holtsø, Maja Dahl-Jessen, Lars Bunch, Søren Thyssen Valerius, Rasmus Mandøe Jensen, Lynge Daugaard Jensen, Kristina Kristensen, Peter Barsøe Østergaard, Mathilde Stigaard, Lars Toft, Henrik Laursen, Camilla Cuculiza, Tina Brøgger Sørensen and Marcus Franzpötter.

Other advisors to Novozymes included Gordon Dyal & Co. as its lead financial adviser, Danske Bank and Nordea as joint financial advisers; Linklaters (with respect to regulatory approvals) and Davis Polk & Wardwell as US legal advisers; FGS Global and Point Communications as communications advisers; and Oxera with respect to economics and finance aspects of the regulatory filings.