Molson Coors (TAP) to Acquire StarBev in $3.54B Deal
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Price: $63.89 -0.98%
Overall Analyst Rating:
NEUTRAL (= Flat)
Dividend Yield: 2.7%
Revenue Growth %: +6.4%
Overall Analyst Rating:
NEUTRAL (= Flat)
Dividend Yield: 2.7%
Revenue Growth %: +6.4%
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CVC Capital Partners announced that Molson Coors Brewing Company (NYSE: TAP) has signed a definitive agreement with StarBev L.P., owned by funds advised by CVC Capital Partners Limited and StarBev management, to acquire StarBev for €2.65 billion ($3.54 billion).
Headquartered in Amsterdam, Netherlands and Prague, Czech Republic, StarBev operates nine breweries in Central and Eastern Europe and generated 2011 sales of nearly €0.7 billion ($1.0 billion) and earnings before interest, taxes, depreciation and amortization (EBITDA) of €241 million ($322 million).
StarBev, which employs approximately 4,100 people, has brewing operations in the Czech Republic, Serbia, Croatia, Romania, Bulgaria, Hungary, Montenegro and also conducts operations in Bosnia-Herzegovina and Slovakia. StarBev brews approximately 13 million hectoliters annually and holds a top 3 market share position in each of its markets. StarBev’s portfolio of more than 20 brands includes local champions such as Borsodi, Kamenitza, Bergenbier, Ozusko, Jelen and Niksicko and also distributes brands such as Stella Artois, Beck’s, Hoegaarden, Lowenbrau and Leffe under license.
The transaction is subject to approval by certain European competition authorities and is expected to close in the second quarter of 2012. Following the close, StarBev will be operated as a separate business unit within Molson Coors and will be headquartered in the Czech Republic.
Nomura International acted as financial advisor and Freshfields Bruckhaus Deringer LLP acted as legal advisor to CVC and StarBev L.P.
Headquartered in Amsterdam, Netherlands and Prague, Czech Republic, StarBev operates nine breweries in Central and Eastern Europe and generated 2011 sales of nearly €0.7 billion ($1.0 billion) and earnings before interest, taxes, depreciation and amortization (EBITDA) of €241 million ($322 million).
StarBev, which employs approximately 4,100 people, has brewing operations in the Czech Republic, Serbia, Croatia, Romania, Bulgaria, Hungary, Montenegro and also conducts operations in Bosnia-Herzegovina and Slovakia. StarBev brews approximately 13 million hectoliters annually and holds a top 3 market share position in each of its markets. StarBev’s portfolio of more than 20 brands includes local champions such as Borsodi, Kamenitza, Bergenbier, Ozusko, Jelen and Niksicko and also distributes brands such as Stella Artois, Beck’s, Hoegaarden, Lowenbrau and Leffe under license.
The transaction is subject to approval by certain European competition authorities and is expected to close in the second quarter of 2012. Following the close, StarBev will be operated as a separate business unit within Molson Coors and will be headquartered in the Czech Republic.
Nomura International acted as financial advisor and Freshfields Bruckhaus Deringer LLP acted as legal advisor to CVC and StarBev L.P.
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