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To strengthen market position in Canada through proposed acquisition
The Carlsberg Group has entered into a definitive agreement with Waterloo Brewing to acquire all the issued and outstanding common shares of Waterloo Brewing for cash consideration of CAD 4.00 per share or a total equity value of approximately CAD 144 million in aggregate (including options).
The acquisition is expected to strengthen the Carlsberg Group’s market position in Canada with local production and Waterloo Brewing’s brands, and to deliver significant supply chain and revenue synergies.
The transaction is expected to close early in the first half of 2023, subject to approval by Waterloo Brewing’s security holders and the satisfaction or waiver of other customary closing conditions.
Carlsberg’s international beer and cider portfolio complements Waterloo Brewing’s portfolio of local beers and ready-to-drink (RTD) beverages, creating a highly competitive company in the Canadian beer and RTD market. In addition, Waterloo Brewing’s production facility in Kitchener, Ontario, will produce some of the Carlsberg Group’s brands, including Somersby cider, which has been produced at Waterloo Brewing since 2020.