Meat-Tech 3D Ltd. (TASE:MEAT), today announced that it has signed an agreement to acquire 100% of the share capital of Peace of Meat PV, Belgian producer of cultured poultry products. Meat-Tech 3D will pay €15 million in cash and Meat-Tech ordinary shares.
Meat-Tech 3D plans to leverage Peace of Meat’s technologies, including its novel hybrid food products, to enter the market while Meat-Tech itself develops an industrial process for cultivating and producing real meat using 3D bio-printing technology - without harming animals. The acquisition is expected to close in the coming weeks, subject to customary conditions.
Peace of Meat has developed a proprietary, stem-cell-based bioreactor technology for cultivating animal fats from chicken and ducks, without harming animals. The technology’s first expected application is in hybrid food products, combining plant-based protein with cultured animal fat, designed to provide meat analogues with qualities of "meatiness" (taste and texture) closer to that of conventional meat products. With this in mind, it has conducted a number of taste tests, demonstrating the potential that its cultured fat has to enhance the taste of plant-based protein products.
Meat-Tech will pay half of the €15 million immediately, with balance subject to Peace of Meat complying with technological milestones over two years. Peace of Meat’s management stay in place to lead the development process.
Published by Globes, Israel business news - en.globes.co.il - on December 8, 2020
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