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Molson Coors to Acquire Full Ownership of MillerCoors for $12 Billion
- Client News
- November 11, 2015
Practices
As reported by The Wall Street Journal, The Financial Times and other media outlets, Molson Coors Brewing Company announced that it has entered into an agreement with Anheuser-Busch InBev SA/NV to purchase SABMiller plc's 58 percent stake in MillerCoors, the joint venture formed in the United States by SABMiller and Molson Coors in 2008. Molson Coors currently owns 42 percent of MillerCoors. Under the agreement, Molson Coors will also acquire full ownership of the Miller brand portfolio outside of the U.S. and retain the rights to all of the brands currently in the MillerCoors portfolio for the U.S. market, including Redd's and import brands such as Peroni and Pilsner Urquell. The transaction is valued at $12 billion and is conditioned upon the closing of AB InBev's acquisition of SABMiller, which is expected in the second half of 2016.
The transaction 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. In addition to the successful completion of AB InBev's acquisition of SABMiller, the transaction is also subject to the receipt of customary regulatory approvals.
The Paul, Weiss team that acted as legal counsel to UBS included corporate partner Jeffrey Marell.