GERMANY: Carlsberg sells water business
Carlsberg's subsidiary, Holsten-Brauerei AG of Hamburg has sold its 65.1% stake in the mineral water and soft drinks business Hansa-Brunnen AG of Rellingen.
After negotiating with several potential acquirers, the deal was struck with Lange-HANSA-Holding GmbH of Wohltorf, which already owns a 34.9% interest in Hansa-Brunnen. The price for the shares is €79m reflecting an enterprise value of €176m.
The value is €17m higher than the enterprise value of €159m at which Carlsberg expected to sell the Hansa-Brunnen as announced in January. The debt in Hansa-Brunnen group is about €55m.
Hansa-Brunnen AG has been responsible for handling Holsten's mineral water and soft drinks business. After Hansa-Brunnen took full control of the water and soft drink company Heemann at the beginning of this year, Hansa and Heemann together produce and sell about 12m hectolitres of
Carlsberg said that Holsten can now concentrate exclusively on brewing and marketing of beer and that, with this transaction, Carlsberg is ahead of its schedule to restructure and integrate Holsten into the Carlsberg group.
Nils S. Andersen, president and CEO of Carlsberg A/S: "We are very pleased with the terms of the sale. This is an important step in the continuing reduction of our debt."
The sale is conditional on Kartell Amt clearance.
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