NZ: Asia Pacific Breweries agrees acquisitions
Asia Pacific Breweries has said that its wholly-owned subsidiaries in New Zealand, Barworks Group Ltd and Barworks Holdings Ltd, have bought up three companies in the country.
The company, a joint-venture between Fraser & Neave and Heineken, said today (2 April) that its subsidiary groups have acquired Hurstmere Pubs, Riccarton Hospitality and Gaults on Quay.
Fees for the deals were not disclosed, but the three firms have a market capital value of NZ$268,100 (US$156,100), $1.1m and $1.7m respectively, APB said, adding that the acquistions are not expected to have a "material impact" on its earnings for the current financial year.
For Hurstmere and Riccarton, Barworks Group will take a 75% stake, with Barworks Holding controlling the remaining 25%. In Gaults, Barworks Group will take a 90% share, with Barworks Holding taking 10%.
Barworks Holding is itself a wholly-owned arm of Barworks Group, which is, in turn, fully owned by APB-owned DB Breweries.
In addition to the deals, Barworks Holding has signed a deal with the Keppel Town Trust to form a joint venture named Market St Holdings Ltd. Barworks will take a 75% stake in the venture in return for a NZ$366,075 investment.
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