US: Absolut buys majority stake in Cruzan
The Absolut Spirits Company has acquired a controlling interest in US-based rum, brandy and wine supplier Cruzan International. The V&S Vin & Sprit subsidiary bought the controlling stake in Cruzan from Angostura, pursuant to an earlier-announced stock purchase agreement between Angostura and V&S.
Subsequent to the execution of the stock purchase agreement, V&S assigned all of its rights to Absolut, which purchased all 4.29m shares of Cruzan common stock beneficially owned by Angostura, currently representing approximately 63.6% of the company's outstanding common stock, for an aggregate consideration of US$121.837m, or US$28.37 per share.
The transaction was completed yesterday (26 September).
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