Brewing giant SABMiller will make the acquisition from Kulczyk Holding S.A. in exchange for 60 million new SABMiller shares. Following completion of the transaction, SABMiller will own 100% of Kompania Piwowarska. Based upon SABMiller’s closing share price of £12.20 on Wednesday 13 May 2009, the implied value is US$1,110 million.
Following completion of the transaction, Kulczyk Holding will hold approximately 3.8% of the issued share capital of SABMiller. Kulczyk Holding has agreed to restrictions on the disposal of its shares for a three year period, with a limited number of shares eligible for disposal in each year. Any disposals will be subject to orderly market arrangements. The transaction is subject to admission to listing of the SABMiller shares.
Graham Mackay, chief executive of SABMiller, said: “We are pleased to be able to take our interest in Kompania Piwowarska to 100%. Over the past 10 years the business has consistently delivered exceptional performance, growing market share from 15% in 1999 to 43% today, through the development of the country’s most successful beer brand portfolio. It remains well placed to continue building on this leadership position in the Polish market. Over the years we have enjoyed a positive relationship with Kulczyk Holding and we are pleased that they have decided to take a shareholding in SABMiller.”
Kompania Piwowarska is the largest brewer in Poland with a current market share of 43% and 2009 volumes of 15.1 million hectolitres. Kompania Piwowarska’s product portfolio includes Tyskie, Żubr and Lech.