Pernod Ricard has revealed further details of its Britvic stake sale. The French company said late last week that it has sold all of its 51m shares in Britvic, in connection with Britvic's proposed listing on the London Stock Exchange this Wednesday (14 December).

The announced price of 230 pence per share will generate a gross amount of approximately GBP117.3m (US$206.9m) for Pernod. Prior to this sale, the company received an exceptional dividend of GBP23.4m, at the end of last month.

The sale will generate around EUR210m (US$249.5m), which will be used to reduce group debt.

"The prompt disposal of our minority shareholding, achieved on very good terms, is excellent news and enables us to accelerate the repayment of our debt," Pernod's chairman and CEO, Patrick Ricard, said.

"All my very best wishes to the new board and management of Britvic for their continued success and its stakeholders for the new step they are taking today."

Pernod acquired the stake in Britvic through its purchase of Allied Domecq earlier this year. The stake accounted for a 23.75% holding in the UK soft drinks group.

Whitbread, which also held 23.75%, sold its entire holding as part of the flotation, while Britvic's largest shareholder, InterContinental Hotels, has sold 77% of its interest and granted an over-allotment option that may see it sell off its entire 47.5% stake for a total of GBP235m. PepsiCo, meanwhile, has retained its 5% stake.