DSM-Firmenich Sells Animal Nutrition & Health to CVC for €2.2 Billion
DSM-Firmenich announced on February 9, 2026, its agreement to sell its Animal Nutrition & Health (ANH) business to private market manager CVC Capital Partners for an enterprise value of approximately €2.2 billion. This transaction marks the final step in the group's strategic transformation towards an exclusive focus on nutrition, health, and consumer beauty.
Details of the Sale
DSM-Firmenich has finalized an agreement to divest its Animal Nutrition & Health division to CVC Capital Partners. The transaction is valued at an enterprise value of approximately €2.2 billion, including an earnout that could reach up to €0.5 billion. DSM-Firmenich will retain a 20% equity stake in the divested entities, in partnership with CVC. This sale follows the 2025 disposal of the Feed Enzymes activities to Novonesis for €1.5 billion. The total enterprise value of the ANH business, including the previous sale of Feed Enzymes, amounts to €3.7 billion. The assets and liabilities of the divested business have been classified as 'Assets held for sale' and the financial results of the ANH activities have been reclassified as 'Discontinued operations'.
Financial Strategies and Dividend Policy
DSM-Firmenich plans to launch a new ordinary share buyback program valued at €0.5 billion and reduce its issued capital. This program is set to begin in the first quarter of 2026. Additionally, the group has adopted a dividend policy defined as 'stable to preferentially increasing', aiming to maintain a stable dividend of €2.50 per ordinary share while gradually increasing dividends over time. DSM-Firmenich will publish its complete results for the year 2025 on February 12, 2026, in accordance with this new classification effective from January 1, 2025. The group will also release preliminary comparative figures for the last four reported quarters (Q4 2024, Q1 2025, Q2 2025, Q3 2025) as well as for the year 2024 on February 9, 2026.
Investor Communications
The announcement indicates that this news constitutes inside information under Article 7(1) of the EU Market Abuse Regulation. DSM-Firmenich will host a teleconference for investors and analysts on February 9, 2026, from 9:00 AM to 9:30 AM CET. An investor event is scheduled in London on March 12, 2026 (09:00-14:00 GMT). The release specifies that it contains forward-looking statements based on current expectations, but DSM-Firmenich does not commit to updating these statements unless legally required.
