US Department of Justice Approves Molson Coors to Buy SABMiller Stake in MillerCoors JV, Miller Brand Portfolio in USD 12bn Deal.
M2 EQUITYBITES-July 22, 2016-US Department of Justice Approves Molson Coors to Buy SABMiller Stake in MillerCoors JV, Miller Brand Portfolio in USD 12bn Deal
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22 July 2016 - The US Department of Justice has approve Canadian brewer Molson Coors Brewing Co.'s (NYSE: TAP) (TSX: TPX) agreement with Anheuser-Busch InBev SA/NV (Euronext: ABI) (NYSE: BUD) to purchase UK brewer SABMiller plc's (LSE: SAB) (JSE: SAB) 58% stake in MillerCoors the joint venture formed in the United States by SABMiller and Molson Coors in 2008, the companies said.
The proposed AB InBev-SABMiller merger is still subject to clearance from the Chinese regulatory authorities, as well as other non-regulatory conditions, which are required in order for the transaction to close.
Molson Coors currently owns 42% of MillerCoors.
Under the agreement, Molson Coors will also acquire full ownership of the Miller brand portfolio outside of the US and retain the rights to all of the brands currently in the MillerCoors portfolio for the US market, including Redd's and import brands such as Peroni and Pilsner Urquell.
The transaction is valued at USD 12bn, and is conditioned upon the closing of AB InBev's acquisition of SABMiller, which is expected in the second half of 2016.
It will be financed through a combination of cash on hand and proceeds from issuances of new debt and equity.
Molson Coors has received committed debt financing from Citigroup Global Markets, Bank of America Merrill Lynch and UBS Investment Bank. The company expects the transaction to add approximately USD 4.7bn in incremental revenue and more than USD 1bn in incremental EBITDA on a pro forma basis.
The acquisition is expected to be more than 25% accretive to Molson Coors' cash earnings in the first full year of operations before the benefit of synergies.
Because...
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