Carlsberg to acquire Waterloo Brewing in $144M transaction
by CM staff
Under the terms of the arrangement agreement, holders of Waterloo Brewing shares will receive C$4.00 for each Waterloo Brewing share held.
KITCHENER — Waterloo Brewing Ltd. announced today that it has entered into a definitive arrangement agreement with Carlsberg Group, to which Carlsberg has agreed to acquire all of the issued and outstanding shares of Waterloo Brewing by way of a statutory plan of arrangement under the Ontario Business Corporations Act.
“We’ve enjoyed a close relationship with Carlsberg and are excited about becoming part of one of the largest brewing companies in the world,” said George Croft, President and CEO, Waterloo Brewing. “Waterloo Brewing will be a great fit with Carlsberg’s strong, purpose-driven culture, and our Board of Directors is confident that joining Carlsberg is the best long-term solution for our employees, partners, customers, consumers and community.”
Under the terms of the arrangement agreement, holders of Waterloo Brewing shares will receive C$4.00 for each Waterloo Brewing share held, which implies an aggregate equity value for Waterloo Brewing, of approximately C$144 million, on a fully diluted, in-case, treasury method basis and an enterprise value of C$217 million.
“One of our priorities in our SAIL’27 strategy is to grow our business in attractive markets, where we are small today, like Canada,” said Cees ‘t Hart, CEO, Carlsberg Group. “The acquisition of Waterloo Brewing significantly improves our growth prospects in the Canadian market.”
