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      "text": "Unlocks a premium multiple for 3M's Food Safety business in a tax-efficient manner through a “Reverse Morris Trust” transaction structure. The transaction implies an enterprise value for 3M's Food Safety business of ~$5.3 billion(1), including $1 billion in new debt to be incurred by 3M's Food Safety business. Implied multiples for EV / Revenue of ~13x and EV / Adjusted EBITDA of ~32x on a CY 2022E basis. 50.1% ownership provides 3M shareholders with the opportunity to participate in the significant long-term growth potential of a pure play food security innovator",
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