Benzinga | Dec 29, 2021 05:49AM EST

Darling Ingredients To Acquire Valley Proteins For ~$1.1B Cash

* Darling Ingredients Inc (NYSE:DAR) has entered into a definitive agreement to acquire all of the shares of Valley Proteins Inc for about $1.1 billion in cash.

* Valley Proteins operates 18 rendering and used cooking oil facilities, has 1,900 employees, and operates a fleet of 550 vehicles.

* The company expects the acquisition to provide additional low-carbon feedstock to produce renewable diesel and potentially sustainable aviation fuel.

* Darling Ingredients anticipates the acquisition to be accretive post-integration.

* "In the evolving world of ESG and global decarbonization, Valley Proteins will supplement Darling's global supply of waste fats and greases," said Chairman and CEO Randall C. Stuewe.

* As of October 2, 2021, Darling Ingredients had $67.4 million in cash and cash equivalents and $912.6 million available under its committed revolving credit agreement, with total debt outstanding at $1.38 billion.

* Price Action: DAR shares closed higher by 0.27% at $66.52 on Tuesday.