US / POLAND: CEDC completes Parliament vodka buyout
Central European Distribution Corporation (CEDC) has completed its acquisition of the remaining 15% minority interest in Copecresto Enterprises Ltd, owner of the Parliament vodka brand.
CEDC is now the full owner of Copecresto, which also owns various production and distribution assets in Russia and abroad, the company said today (28 September).
CEDC paid US$70m for the remaining 15% stake and the deal was financed through the proceeds of CEDC's recent $180m equity offering, completed in July 2009.
William Carey, CEDC president and CEO, said: "The conclusion of this transaction will enable us to move forward with the combination of our businesses in Russia and in turn recognise our planned synergies.
"We look forward to continuing to work with the management team in Parliament to support us in the successful execution of our Russian business strategy. We are also pleased that Sergey Kupriyanov, a former minority shareholder, will stay involved in the business as the non-executive Chairman of the Parliament Group as well as maintain his current Board position with CEDC."
Last month, CEDC warned that vodka volumes in its key market of Russia are not expected to pick up until the final quarter of this year.
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