International Flavors & Fragrances Inc. (NYSE:IFF) (Euronext Paris: IFF), an American corporation producing flavors and fragrances and cosmetic actives, which it markets globally, will purchase the Israeli flavor and fragrance company Frutarom Industries Ltd., listed on the Tel Aviv and London Stock Exchanges, in a cash and share deal worth $7.1 billion.

The deal is the second-largest exit of an Israeli company, following the sale of Mobileye, which creates computer vision systems for driver assistance and autonomous driving, for $15.2 billion to Intel last March.

Frutarom’s shareholders will receive for each Frutarom share $71.19 in cash and 0.249 per share of IFF common stock for a total value of $106.25 per share.

Frutarom, established in 1933 in Haifa, markets and sells over 31,000 products to more than 15,500 customers in over 140 countries, has 41 R&D labs and 79 sales and marketing offices throughout the world and operates 34 production facilities in Europe, North America, Israel and Asia. Frutarom employs 2,700 employees worldwide.

“This transaction is a big win and a fantastic outcome for shareholders, customers, and employees of both companies,” said IFF Chairman and CEO, Andreas Fibig in a press release published on the IFF website.  “Frutarom has an extremely attractive product portfolio, including broad expertise in naturals and diverse adjacencies with capabilities beyond our core taste and scent businesses. We have long admired Frutarom and have a great deal of respect for its team and all of its dedicated and talented employees around the globe. We look forward to welcoming Frutarom to the IFF family,” he added.

Ori Yehudai, President, and CEO of Frutarom said in a press release that Frutarom is extremely excited to combine with IFF and create global leadership in natural taste, scent, and nutrition. “The growth potential for the combined company is substantial, and our shareholders will continue to enjoy this upside,” he said.