US: Molson Coors gets ECC green light on StarBev deal
Molson Coors hopes to get its hands on the Staropramen brand by the end of June
Molson Coors has been given the green light from the European Competition Commission (ECC) for its takeover of Czech brewer StarBev, and hopes to complete the deal by the end of this month.
The Canada and US-based brewing giant announced in April it had agreed to buy StarBev from owners CVC Capital Partners for US$3.54bn, following weeks of speculation. Yesterday (6 June), it confirmed it has recieved regulatory approval from the ECC.
This follows approval from the Serbian Commission for the Protection of Competition, as well as the Anti-Monopoly Committee of Ukraine, the company said.
"We are pleased to have received the EU regulatory approval and look forward to closing before the end of the month, as previously indicated,” said Peter Swinburn, Coors' president & CEO.
“We continue to be impressed with the StarBev team and operations, and expect to hit the ground running upon closing this highly compelling transaction.”
In May, the company successfully completed an offering of $1.9bn in debt securities, which will be used to finance the acquisition of the Staropramen brewer.
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