Refresco acquires Cott's bottling activities
(Thomson Reuters ONE) -
This press release is not intended to and does not constitute an offer to sell
or the solicitation of an offer to subscribe for or buy or an invitation to
purchase or subscribe for any securities or the solicitation of any vote or
approval in any jurisdiction in connection with the proposed transaction or
otherwise, nor shall there be any sale, issuance or transfer of securities in
any jurisdiction in contravention of applicable law. Refresco Shareholders are
advised to read the shareholders circular published by Refresco today. This
communication is not for release, publication or distribution, in whole or in
part, in or into, directly or indirectly, any jurisdiction in which such
release, publication or distribution would be unlawful.
Refresco acquires Cott's bottling activities
Creating the world's largest independent bottler with leadership positions
across Europe and North America
Rotterdam, the Netherlands - 25 July, 2017
Strategic highlights:
* Refresco has entered into an agreement with Cott to acquire Cott's bottling
activities for USD 1.25 billion
(EUR 1.1 billion)[1]
* Transaction unanimously recommended and supported by Refresco's
Executive Board and
Supervisory Board
* Cott's bottling activities are comprised of a leading beverage platform with
a full portfolio of non-alcoholic beverages, focussed on retailer brands and
contract manufacturing
* Profitable business with healthy margins and strong free cash flow;
2016 revenues of USD 1.7 billion, adjusted EBITDA of USD 136.5 million
and customer relationships with over 500 leading retailers
* This acquisition is a transformational deal right at the heart of Refresco's
buy & build strategy
* Creating largest independent bottler for retailers and A-brands in
Europe and North America with a combined production volume of
approximately 12 billion liters
* Adding 19 production sites in the US, 4 in Canada, 1 in Mexico and 5 in
the UK
* Significant synergy potential with around EUR 47 million to be attained
within 3 years of closing
* Customers will have access to enhanced global network combining Refresco's
strong European capabilities and Cott's strength in North America
* A well-balanced portfolio with exposure to all categories for retailers
* Strengthened contract manufacturing exposure with unique geographical
spread for branded players
Transaction highlights:
* Refresco will finance the acquisition with debt, for which it has fully
underwritten facilities, and intends to bring down leverage over time
* Refresco intends to issue around EUR 200 million in new shares within
12 months of closing to support its financial strength
* Completion of the transaction envisaged in the second half of 2017
* The transaction is subject to customary conditions, including anti-trust
approval in various jurisdictions and Refresco shareholder approval
* Integration will start immediately after closing with the UK, representing
around 30% of Cott's business, being integrated into Refresco Europe and the
North American organization being combined with Refresco US
* Extraordinary General Meeting of Shareholders to be convened today and held
on September 5, 2017
Refresco (Euronext Amsterdam: RFRG), an independent bottler of beverages for
retailers and A-brands in Europe and the US, today announces the acquisition of
the bottling activities of Cott (NYSE: COT, TSX: BCB). Cott is a diversified
beverage company and one of the world's largest producers of beverages on behalf
of retailers, brand owners and distributors. Its bottling activities, with
revenues of approximately USD 1.7 billion, comprise 47% of its total activities.
The purchase price is USD 1.25 billion (equal to EUR 1.1 billion[2]), payable in
cash. Included in the purchase price is a tax asset of USD 75 million.
--------------------------------------------------------------------------------
[1] At USD/EUR rate of 1.14. Subject to final adjustments at closing.
[2] At USD/EUR rate of 1.14. Subject to final adjustments at closing.
Please open the link below for the press release:
Refresco acquires Cott?s bottling activities:
http://hugin.info/169419/R/2122722/809465.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Refresco via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 25.07.2017 - 08:00 Uhr
Sprache: Deutsch
News-ID 553704
Anzahl Zeichen: 5290
contact information:
Town:
Rotterdam
Kategorie:
Business News
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