15 December, 2022

Denmark & Canada: Carlsberg agrees to buy Canadian Waterloo Brewing

Danish brewer Carlsberg said on December 15 it had agreed to buy Canadian Waterloo Brewing for a total equity value of around 144 million Canadian dollars ($106 million) in cash, Reuters reported.

The deal is part of Carlsberg's strategy towards 2027 to grow in categories beyond its core beer market, adding products like cider, seltzers and premium brand beers.

"Carlsberg's international beer and cider portfolio complements Waterloo Brewing's portfolio of local beers and ready-to-drink beverages," said Carlsberg in a statement.

It expected the deal, still subject to approval by Waterloo's security holders, to close in the first half of 2023. Boards of both companies have approved the transaction and Waterloo's board recommends shareholders to vote in favour.

Waterloo shareholders will received 4 Canadian dollars (CAD) in cash for each share held. The stock closed at 3.35 CAD on December 14, Refinitiv data showed.

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