I became an honorary Gin Rectifier last night (May 9). I took an oath and now I am duty bound to promote the best interests of gin.
SABMiller, the South African-based global brewer, will transfer its Russian and Ukrainian beer businesses to Anadolu Efes.
Anadolu Efes will transfer a 24% equity stake to SABMiller by way of a capital increase.
Anadolu Efes will be the vehicle for both groupsí investments in the territory.
Following the capital increase, the Anadolu Group will control 42.81% of Anadolu Efesís enlarged share capital.
Subject to a shareholdersí agreement between the Anadolu group and SABMiller, Anadolu will maintain control of Anadolu Efes after completion of the capital increase and business contribution. SABMiller will have customary minority protection rights.
The joint statement says the combined Russian business will have a strong number two position in value share terms, with an attractive brand portfolio †and is expected to yield significant cost synergies of at least US$120m per year, and provide additional revenue synergy opportunities.
SABMiller and Anadolu Efes value SABMillerís Russian and Ukrainian businesses at an enterprise value of approximately US$1.9bn.