ISLAMABAD, August 11, 2026 | VNV Special Report: The Competition Commission of Pakistan (CCP) has cleared the acquisition of controlling equity interests in dsm-firmenich’s Animal Nutrition & Health (ANH) business by four investment vehicles indirectly owned and financed by CVC Fund IX.

The transaction was reviewed under Section 11 of the Competition Act, 2010 because the ANH business operates in Pakistan through DSM-Firmenich Pakistan (Private) Limited.

CCP formally issued its First Phase Review Order on July 13, 2026. The Commission subsequently announced the clearance through its press release dated August 11, 2026.

The Commission found no horizontal overlap or relevant vertical relationship in Pakistan and concluded that the proposed transaction would not increase market share or market concentration, create significant entry barriers, materially enhance market power or substantially lessen competition.

For Pakistan, the immediate development is a regulatory clearance. Internationally, however, the decision forms part of a much larger corporate restructuring involving one of the global animal nutrition industry’s major businesses and a transaction valued at approximately €2.2 billion.

CCP Clears CVC Fund IX Acquisition of dsm-firmenich’s Animal Nutrition Business

According to the CCP press release, the proposed transaction was reviewed to determine whether the change of control could create or strengthen a dominant position or otherwise raise competition concerns in the relevant markets in Pakistan.

dsm-firmenich’s Animal Nutrition & Health business has a local presence through DSM-Firmenich Pakistan (Private) Limited, bringing the international transaction within Pakistan’s merger-control framework.

What Exactly Did CCP Approve?

Under the transaction, DSM B.V., a Netherlands-based company and wholly owned subsidiary of Swiss-based dsm-firmenich AG, will reorganise its Animal Nutrition & Health business into two separate entities referred to in the CCP announcement as:

• SpecialtyCo Business
• EssentialCo Business

dsm-firmenich Group will retain non-controlling equity interests, while the CVC-backed acquiring entities will obtain controlling equity interests and corresponding voting rights in both businesses.

The Four Acquiring Vehicles

The acquiring investment vehicles identified by CCP are:

• Specialty Bidco B.V., incorporated in the Netherlands
• Essential Bidco B.V., incorporated in the Netherlands
• Specialty (U.S.) Bidco Inc., incorporated in Delaware, United States
• Essential (U.S.) Bidco Inc., incorporated in Delaware, United States

All four are newly incorporated investment vehicles indirectly owned and financed by CVC Fund IX, which is managed and advised by affiliates of CVC Capital Partners plc.

CCP Finds No Horizontal or Vertical Competition Concern

According to CCP’s assessment, the acquiring companies, CVC Fund IX and their controlled portfolio companies are not active in Pakistan in any of the relevant product markets in which dsm-firmenich’s affected business operates.

The transaction therefore creates no horizontal overlap between existing competitors and no relevant vertical relationship that would be expected to restrict competition.

CCP further found that the proposed acquisition will not increase market share or market concentration in Pakistan.

The Commission concluded that the transaction is unlikely to create entry barriers, materially enhance market power or substantially lessen competition and therefore authorised the transaction under the Competition Act, 2010.

CCP Links Merger Review with Investment and Regulatory Certainty

In its August 11 announcement, CCP said it remains committed to facilitating investment, supporting business growth and promoting a competitive and investor-friendly environment in Pakistan.

The Commission said an efficient and transparent merger-review process helps provide regulatory certainty while enabling investments that can contribute to economic growth, innovation and consumer welfare.

The International Story: A €2.2 Billion Animal Nutrition Transaction

The transaction did not originate in Pakistan.

On February 9, 2026, dsm-firmenich announced an agreement to divest its Animal Nutrition & Health business to CVC Capital Partners.

The transaction carries an enterprise value of approximately €2.2 billion, including an earnout of up to €0.5 billion.

dsm-firmenich plans to retain a 20% equity interest in the two future ANH businesses, while controlling ownership will transfer to the CVC-backed entities.

How Large Is the Business Being Restructured?

The scale of dsm-firmenich’s Animal Nutrition & Health operations explains why the transaction is significant for the international feed, poultry and livestock industries.

According to dsm-firmenich, the ANH business generated approximately €3.5 billion in annualized net sales in 2025 and employed around 8,000 people.

Its activities include:

• Vitamins
• Carotenoids
• Performance Solutions
• Premixes
• Precision Services
• Aroma Ingredients

These products and services form part of the wider animal nutrition value chain serving poultry, dairy, beef, swine, aquaculture and other livestock-production systems.

One ANH Business, Two Future Standalone Companies

The CCP press release refers to the businesses involved in the legal restructuring as SpecialtyCo Business and EssentialCo Business.

In its international transaction announcement, dsm-firmenich describes the future standalone operations as:

Solutions Company

The Solutions Company is expected to include Performance Solutions, Premix and Precision Services.

Essential Products Company

The Essential Products Company is expected to cover Vitamins, Carotenoids and Aroma Ingredients.

Both businesses are expected to be headquartered in Kaiseraugst, Switzerland.

dsm-firmenich has also indicated that the two companies are expected to maintain close commercial cooperation, particularly in relation to vitamin supply across the animal nutrition value chain.

Bovaer and Veramaris Are Not Part of the Sale

The divestment does not include all animal-related activities currently associated with dsm-firmenich.

The company has confirmed that Bovaer® and Veramaris™ are excluded from the transaction and will remain outside the businesses being transferred to CVC.

The History: Why Did dsm-firmenich Decide to Separate ANH?

The February 2026 agreement was the result of a strategic process that began well before CVC entered the transaction.

In February 2024, dsm-firmenich announced its intention to separate Animal Nutrition & Health from the wider group.

At the time, the company highlighted differences between ANH and its other businesses, including volatility in vitamin earnings and the capital-intensive nature of parts of the animal nutrition portfolio.

The strategic objective was to allow ANH to develop under a different ownership structure while enabling the remaining dsm-firmenich group to focus more closely on Nutrition, Health and Beauty businesses.

The 2025 Feed Enzyme Transaction Came First

An important part of dsm-firmenich’s ANH restructuring had already been completed before the CVC agreement.

In 2025, Novonesis agreed to acquire dsm-firmenich’s interests in their long-running Feed Enzyme Alliance for approximately €1.5 billion.

Novonesis confirmed completion of that transaction on June 2, 2025, following the required regulatory approvals.

The Feed Enzyme Alliance had operated for more than 25 years, combining enzyme research and production capabilities with application, commercial and global distribution activities.

Overall ANH Divestment Value Reaches About €3.7 Billion

When the approximately €1.5 billion Feed Enzyme transaction is combined with the approximately €2.2 billion CVC transaction, dsm-firmenich places the overall enterprise value associated with its ANH divestment programme at around €3.7 billion.

For dsm-firmenich, the CVC transaction therefore represents a major final stage in its planned strategic separation of Animal Nutrition & Health.

International Market Reaction: Some Investors Questioned the Valuation

The February announcement also attracted attention in international financial markets.

Reuters reported that the approximately €2.2 billion valuation came below expectations held by some analysts.

The report said dsm-firmenich shares fell by more than 6% following the announcement.

The reaction related primarily to investor expectations around the sale valuation and financial proceeds. It should not be interpreted as evidence of a new regulatory, product-safety or legal issue involving the ANH business.

Why the Deal Matters to the Global Animal Nutrition Industry

The transaction transfers controlling ownership of a major portfolio of vitamins, premixes, performance solutions and precision-nutrition services from a listed global ingredients group to a major private-markets investor.

At the same time, the current ANH operation will be separated into two standalone global businesses.

That makes the transaction more significant than a conventional financial acquisition for the international feed and animal nutrition industry.

Industry stakeholders are likely to watch how the future businesses develop their brands, investment priorities, innovation pipelines, production networks, technical services and regional distribution strategies after closing.

What Does the CCP Clearance Mean for Pakistan?

For Pakistan’s poultry, dairy, livestock and feed industries, the immediate regulatory conclusion is clear: CCP found no material competition threat arising from the proposed change of control.

The decision does not announce the withdrawal of dsm-firmenich products from Pakistan.

It also does not announce the closure of local operations or an immediate change in prices, product registrations, distribution arrangements or customer relationships.

No Pakistan-specific operational restructuring of this kind has been officially announced in the information reviewed for this report.

No Competition Concern Does Not Mean No Future Commercial Change

The distinction between regulatory and commercial effects is important.

CCP’s assessment addresses competition law and the consequences of the change of control for Pakistani market competition.

It does not determine how the future standalone businesses may eventually organise their commercial operations after the global transaction is completed.

Regional management, branding, technical services, product portfolios or distribution structures could evolve after closing, but such developments should not be assumed until formally announced.

The Global Transaction Has Not Yet Been Reported as Fully Completed

Pakistan’s competition clearance should not be confused with final international closing of the transaction.

dsm-firmenich has indicated that completion is expected around the end of 2026, subject to the remaining transaction conditions and regulatory processes.

In its Half-Year 2026 reporting, the company continued to classify the ANH assets and liabilities as held for sale and its results under discontinued operations.

Transaction Timeline

February 2024: dsm-firmenich announces plans to separate its Animal Nutrition & Health activities from the wider group.

February 2025: Agreement announced for Novonesis to acquire dsm-firmenich’s interests in the Feed Enzyme Alliance for approximately €1.5 billion.

June 2, 2025: Novonesis confirms completion of the Feed Enzyme Alliance transaction following regulatory approvals.

February 9, 2026: dsm-firmenich announces agreement to divest the remaining Animal Nutrition & Health business to CVC at an enterprise value of approximately €2.2 billion.

July 13, 2026: Competition Commission of Pakistan records its First Phase Review Order for the CVC Fund IX acquisition.

July 30, 2026: dsm-firmenich’s Half-Year 2026 results continue to classify ANH as held for sale and discontinued operations.

August 11, 2026: CCP issues its press release publicly announcing the Pakistan competition clearance.

End of 2026: Global completion is expected, subject to remaining conditions and regulatory processes.

Related VNV Coverage

• Pakistan Poultry Industry Faces Rising Feed Costs and the Shift Toward Precision Nutrition
• Latest Poultry Industry News and Updates
• Latest Dairy & Livestock News and Insights

Official and International Sources

• Competition Commission of Pakistan: First Phase Merger Orders
• Competition Commission of Pakistan: CCP Press Release, August 11, 2026
• dsm-firmenich: Official Animal Nutrition & Health Divestment Announcement
• CVC Capital Partners: Official Transaction Announcement
• Novonesis: Completion of Feed Enzyme Alliance Acquisition
• Reuters: International Financial and Market Coverage

Editorial Note: This VNV Special Report combines the Competition Commission of Pakistan’s August 11, 2026 press release and official merger record with corporate disclosures from dsm-firmenich, CVC Capital Partners and Novonesis, together with independent international financial reporting. Any possible future effects on Pakistan are identified as matters for industry monitoring and should not be interpreted as confirmed corporate decisions unless formally announced.

Research, Reporting & Editorial Analysis:
The Veterinary News & Views