TURKEY: Anadolu Efes ups control of beer arm
Anadolu Efes has acquired near full ownership of its brewing arm, Efes Breweries International, in a US$287m deal.
Anadolu Efes said last week that it has acquired a further 26% in Efes Breweries International (EBI) from private investors, taking its total share in the brewer to 99.45%.
The Turkey-based drinks group will use $187m of existing cash resources and a $100m, two-year bank loan to finance the deal.
Netherlands-based EBI has a strong presence in Eastern Europe, with Russia accounting for three quarters of annual volume sales.
Anadolu Efes said that it intends to offer to acquire all outstanding shares in EBI "as soon as reasonably practical".
"Securing full control of EBI provides Anadolu Efes greater operational flexibility for organic and inorganic growth and improves its overall credit profile and ability to finance EBI’s future development," said the firm.
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