Infant formula manufacturer Mead Johnson has been acquired by the UK-based Reckitt Benckiser group, a consumer health and hygiene company, in a deal worth $17.9bn including debt, or $90 per share.

At a price of $17.9bn, the acquisition of Mead Johnson equates to an earnings (EBITDA) multiple of more than 17 times for Reckitt Benckiser. Mead Johnson is one of the largest players in the global infant formula industry.

While not based in Ireland, Mead Johnson does source infant formula grade milk powder from Irish dairy co-op Lakeland for its infant formula plant in the Netherlands. Mead Johnson is best known for its Enfamil-branded baby powder and holds between 10%-15% share of the global infant formula sales market valued in excess of €50bn.

Reckitt Benckiser is based just outside the city of Reading and is best known for its consumer brands such as Dettol, Harpic, Durex and the painkiller Nurofen.