Darling Ingredients Inc., a company that turns food waste into sustainable products and producer of renewable energy, announced it has entered into a definitive agreement to acquire all of the shares of Gelnex, a leading global producer of collagen products (including gelatin and collagen peptides), for approximately $1.2 billion in cash. The transaction is subject to customary regulatory approvals and is anticipated to close in first quarter 2023.

Headquartered in Brazil with five facilities in South America and one in the United States, Gelnex has the capacity to produce 46,000 metric tons of collagen products annually, which it exports to more than 60 countries around the world, and employs about 1,200 employees.

With 11 state-of-the-art facilities on four continents around the world, Darling Ingredients' health brand Rousselot is a leading manufacturer and worldwide supplier of hundreds of collagen products made from bovine, porcine and fish sources.

Morgan Stanley & Co. LLC acted as Darling Ingredients' exclusive financial advisor in connection with the transaction.