UK: Carlsberg completes acquisition of Marston’s stake in their brewing joint venture
Carlsberg has completed its £206 mln acquisition of Marston's 40 per cent stake in their brewing joint venture, Insider Media reported on July 31.
Earlier this month Marston's confirmed a binding agreement to sell the whole of its 40 per cent interest in Carlsberg Marston's Ltd (CMBC) for £206 mln to become a focused pub business.
At the time of the deal being announced, Justin Platt, Marston's chief executive, said: "This deal further strengthens our balance sheet, significantly reducing our debt by over £200 mln. In addition, CMBC remain valued strategic partners and we continue to benefit from our ongoing long-term brand distribution agreement with them.
"Crucially, it allows us to become a pure play hospitality business and focus on what we do best - namely, giving our guests amazing pub experiences.
"I look forward to delivering on the opportunities a focused pub business will provide to ensure we maximise value for our shareholders."
The deal coincided with Carlsberg agreeing terms on a recommended cash offer for Britvic - whose brands include Robinsons and J2O - in a deal that values the soft drinks giant at approximately £3.3 bln.
Carlsberg intends to create a single integrated beverage company in the UK to be named Carlsberg Britvic, which will be led by a management team comprised of individuals from each of Carlsberg, CMBC and Britvic.
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