US-based International Flavors & Fragrances (IFF) has received antitrust clearance from authorities worldwide for the acquisition of Israeli-based firm Frutarom in a deal valued at nearly $7.1bn.

In May this year, IFF signed a definitive agreement to acquire Frutarom in a cash and stock transaction, which included the assumption of net debt.

IFF noted that all applicable antitrust and competition laws have now been satisfied for the deal.

IFF chairman and CEO Andreas Fibig said: “We are pleased that we’ve received our final antitrust clearance from Russia to proceed with our combination with Frutarom.

“We are on track to close the transaction in early October, which is ahead of our original expectation.”

“Building on our strong momentum, having obtained Frutarom shareholder approval and receiving all relevant antitrust clearance, we continue to make significant progress in our integration planning.

“With great execution from our teams, we are on track to close the transaction in early October, which is ahead of our original expectation.”

Frutarom produces and distributes flavours, savoury solutions, and natural ingredients to more than 150 countries worldwide.

By acquiring Frutarom, IFF intends to accelerate its Vision 2020 strategy to strengthen its position in the taste, scent, and nutrition category.

Last month, Frutarom shareholders also approved the proposed merger, with 94.6%  voicing their approval.

Upon completion, Frutarom’s shareholders will receive $71.19 in cash and a 0.249 share of IFF common stock for each currently held share in the company.

Customers of the combined company will have access to comprehensive integrated solutions with an increased focus on naturals and health and wellness.