Patience pays off
SABMiller has agreed to buy a majority stake in Slovakian brewer Topvar. The value of net assets to be acquired was around USD 15.2 million. The company would initially buy a stake in Topvar of at least 33 percent, with a further sale six months later to allow SABMiller to increase its stake to at least 67 percent. The remaining shares held by the controlling shareholders are subject to put and call options exerciseable within 18 months of SABMiller bringing its stake up to 67 percent. Topvar’s owners included management (51 %), employees (34 %) and the Topolcany municipality (15 %). Analysts said the deal valued the brewer at around USD 49 million including debt. SABMiller already owns the third-ranking Slovak brewery Saris. Total industry beer sales fell 13 percent. ...
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