Lanxess’ $1.3 Billion Acquisition of IFF’s Microbial Control Business

Cleary Gottlieb and Walder Wyss represented International Flavors & Fragrances in the transaction. Clifford Chance advised Citi. Freshfields has advised LANXESS.

International Flavors & Fragrances (IFF) completed the $1.3 billion sale of its Microbial Control business unit to Lanxess AG, a leading specialty chemicals company that develops, manufactures and markets chemical intermediates, additives, specialty chemicals and plastics.

BofA Securities acted as financial advisor to IFF. The transaction was announced on August 23, 2021, and is expected to close in the second quarter of 2022, subject to customary closing conditions.

IFF’s Microbial Control business unit is a global leader that provides innovative and sustainable hygiene solutions for a wide array of industrial and consumer applications. With a presence across a broad range of industry segments and an annual revenue of more than $400 million, Microbial Control is composed of over 250 colleagues with more than 60 working in manufacturing and operations. The business unit joined IFF through the combination with DuPont Nutrition & Biosciences earlier this year.

The Cleary Gottlieb M&A team included partners Benet O’Reilly (Picture) and Kyle Harris and associate Claire Schupmann. Partner Michael Albano is advising on benefits matters. Partner Jason Factor advised on tax matters. Partner Daniel Ilan advised on intellectual property matters. Partners Brian Byrne, Elaine Ewing and Romina Polley and counsel Katharina Apel advised on antitrust matters. 

The Clifford Chance team advising Citi comprised partner Bettina Steinhauer, senior associate Adéla Hardmeyer, associate Nico Köhler (all Finance, Frankfurt) as well as partner Kevin Lehpamer, counsel Matthew Warner and associate Jake Makar (all Corporate/M&A, New York).

The Freshfields team was led by M&A partner Paul Humphreys and M&A associates Maximilian Lasson, Christoph Becherer, Sandra Jung, Iantha Stewart and Catherine Morgan and counsel Judit Gajdics. Employee compensation and benefits advice was provided by partners Maj Vaseghi and Ulrich Sittard and associates Jeffrey Anand and Eva-Maria Schwarzer. IP/IT and commercial contracts advice was provided by partners Jochen Dieselhorst and Theresa Ehlen and associates Marius Scherb, Maximilian Zellerhoff and Philipp Simon. Tax advice was provided by partners David Beutel and Robert Scarborough, and associates Martin Rehberg and Brendan Counihan. Antitrust advice is being provided by partners Helmut Bergmann and Mary Lehner and associates Mariusz Motyka-Mojkowski, Mariya Serafimova, Laura Onken and Ilana Kattan. Regulatory advice was provided by counsel Sascha Arnold and associates Lukas Pomaroli and Katharina Reinhardt. Real estate advice was provided by partner Gerrit Beckhaus and associate Laura Druckenbrodt. Data protection advice was provided by partner Christoph Werkmeister and associates Tibor Szigetvári and Arne Brest. Partner Michael Josenhans and associates Alexander Pospisil, Dennis Chinnow and Matthis Grenzer provided advice on bridge financing.

The Walder Wyss team was led by Dominik Hohler (Partner, Corporate/M&A) and further included Michael Kündig (Senior Associate, Corporate/M&A), Janine Corti (Counsel, Tax), Jan Ole Luuk (Counsel, Tax), Markus Vischer (Partner, Corporate/M&A), Dario Galli (Senior Associate, Corporate/M&A).

Involved fees earner: Michael Albano – Cleary Gottlieb Steen & Hamilton; Katharina Apel – Cleary Gottlieb Steen & Hamilton; Brian Byrne – Cleary Gottlieb Steen & Hamilton; Elaine Ewing – Cleary Gottlieb Steen & Hamilton; Jason Factor – Cleary Gottlieb Steen & Hamilton; Kyle Harris – Cleary Gottlieb Steen & Hamilton; Daniel Ilan – Cleary Gottlieb Steen & Hamilton; Benet O’Reilly – Cleary Gottlieb Steen & Hamilton; Romina Polley – Cleary Gottlieb Steen & Hamilton; Claire Schupmann – Cleary Gottlieb Steen & Hamilton; Adéla Hardmeyer – Clifford Chance; Nico Köhler – Clifford Chance; Kevin Lehpamer – Clifford Chance; Jake Makar – Clifford Chance; Bettina Steinhauer – Clifford Chance; Matthew Warner – Clifford Chance; Jeffrey Anand – Freshfields Bruckhaus Deringer LLP; Sascha Arnold – Freshfields Bruckhaus Deringer LLP; Christoph Becherer – Freshfields Bruckhaus Deringer LLP; Gerrit Beckhaus – Freshfields Bruckhaus Deringer LLP; Helmut Bergmann – Freshfields Bruckhaus Deringer LLP; David Beutel – Freshfields Bruckhaus Deringer LLP; Arne Brest – Freshfields Bruckhaus Deringer LLP; Dennis Chinnow – Freshfields Bruckhaus Deringer LLP; Jochen Dieselhorst – Freshfields Bruckhaus Deringer LLP; Laura Druckenbrodt – Freshfields Bruckhaus Deringer LLP; Theresa Ehlen – Freshfields Bruckhaus Deringer LLP; Judit Gajdics – Freshfields Bruckhaus Deringer LLP; Matthis Grenzer – Freshfields Bruckhaus Deringer LLP; Paul Humphreys – Freshfields Bruckhaus Deringer LLP; Michael Josenhans – Freshfields Bruckhaus Deringer LLP; Sandra Jung – Freshfields Bruckhaus Deringer LLP; Ilana Kattan – Freshfields Bruckhaus Deringer LLP; Maximilian Lasson – Freshfields Bruckhaus Deringer LLP; Mary Lehner – Freshfields Bruckhaus Deringer LLP; Catherine Morgan – Freshfields Bruckhaus Deringer LLP; Mariusz Motyka-Mojkowski – Freshfields Bruckhaus Deringer LLP; Laura Onken – Freshfields Bruckhaus Deringer LLP; Lukas Pomaroli – Freshfields Bruckhaus Deringer LLP; Alexander Pospisil – Freshfields Bruckhaus Deringer LLP; Martin Rehberg – Freshfields Bruckhaus Deringer LLP; Katharina Reinhardt – Freshfields Bruckhaus Deringer LLP; Robert Scarborough – Freshfields Bruckhaus Deringer LLP; Marius Scherb – Freshfields Bruckhaus Deringer LLP; Eva-Maria Schwarzer – Freshfields Bruckhaus Deringer LLP; Mariya Serafimova – Freshfields Bruckhaus Deringer LLP; Philipp Simon – Freshfields Bruckhaus Deringer LLP; Ulrich Sittard – Freshfields Bruckhaus Deringer LLP; Iantha Stewart – Freshfields Bruckhaus Deringer LLP; Tibor Szigetvari – Freshfields Bruckhaus Deringer LLP; Maj Vaseghi – Freshfields Bruckhaus Deringer LLP; Christoph Werkmeister – Freshfields Bruckhaus Deringer LLP; Maximilian Zellerhoff – Freshfields Bruckhaus Deringer LLP; Brendan Counihan – Paul Hastings LLP; Janine Corti – Walder Wyss Ltd.; Dario Galli – Walder Wyss Ltd.; Dominik Hohler – Walder Wyss Ltd.; Michael Kündig – Walder Wyss Ltd.; Jan Ole Luuk – Walder Wyss Ltd.; Markus Vischer – Walder Wyss Ltd.;

Law Firms: Cleary Gottlieb Steen & Hamilton; Clifford Chance; Freshfields Bruckhaus Deringer LLP; Paul Hastings LLP; Walder Wyss Ltd.;

Clients: Citibank; International Flavors & Fragrances Inc.; Lanxess AG;