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Carlsberg has agreed to buy Britvic who makes Robinsons squash, Tango and J20 for £3.3 billion.
On Monday morning Carlsberg told their shareholders they are recommending the deal which in total is valued at £4.1 billion which includes their debts.
Britvic investors will be paid 1,315p per share by the Danish brewing giant as part of the deal.
Ian Durant, non-executive chairman of Britvic, said, “The proposed transaction creates an enlarged international group that is well-placed to capture the growth opportunities in multiple drinks sectors.
“The board of directors believe that the strategic merits of this offer are compelling, and the offer also provides shareholders with the opportunity to receive the certainty of cash consideration that reflects the current strength and medium-term prospects of the Britvic business.”
Carlsberg Group chief executive Jacob Aarup-Andersen said, “With this transaction, we are combining Britvic’s high-quality soft drinks portfolio with Carlsberg’s strong beer portfolio and route-to-market capabilities, creating an enhanced proposition across the UK and other markets in Western Europe.
“The proposed transaction is attractive for shareholders of Carlsberg, supporting our growth ambitions, being immediately earnings accretive and value-accretive in year three.”
Justin Platt, who became chief executive at Marston’s at the start of the year, said, “This deal further strengthens our balance sheet, significantly reducing our debt by over £200 million.
“Crucially, it allows us to become a pure play hospitality business and focus on what we do best – namely, giving our guests amazing pub experiences.”
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