Davis Polk is advising Deutsche Bank Securities Inc. as financial adviser to Penford Corporation in connection with its approximately $340 million acquisition by Ingredion Incorporated. The transaction, which is subject to shareholder and regulatory approvals and other customary closing conditions, could close as early as the end of the year.

Penford develops, manufactures and markets specialty ingredient systems for a variety of food and industrial products. Ingredion is a leading global ingredients solutions provider specializing in nature-based sweeteners, starches and nutrition ingredients.

The Davis Polk corporate team includes partner Phillip R. Mills and associate Rashna Bhojwani. Counsel Scott B. Luftglass is providing litigation advice. All members of the Davis Polk team are based in the New York office.