India, May 23 -- Tate & Lyle PLC (TATE.L,TATYY.PK), a supplier of food and beverage ingredients, announced Thursday an agreement to sell its remaining 49.7% interest in joint venture Primary Products Investments LLC or Primient to KPS Capital Partners, LP for $350 million or about 279 million pounds.
Net cash proceeds, after tax and transactions costs, are expected to be around $270 million or about 215 million pounds.
The transaction proceeds will be payable in cash at completion, which is anticipated by the end of July 2024.
The company plans that the proceeds from sale will be returned to shareholders through a share buyback programme, which would commence on completion of the deal.
Tate & Lyle said the latest deal completes the stag...