Brief: Corby Spirit And Wine To Acquire Ace Beverage Group

Corby Spirit and Wine

12/06/2023 23:34

June 12 (Reuters) - Corby Spirit and Wine Ltd  CSWa.TO :
    * CORBY SPIRIT AND WINE LIMITED TO ACQUIRE ACE BEVERAGE
GROUP
    * CORBY SPIRIT AND WINE LTD -  TO ACQUIRE 90% OF OUTSTANDING
SHARES OF ACE BEVERAGE GROUP INC FOR $148.5 MILLION
    * CORBY SPIRIT AND WINE LTD - TRANSACTION IS EXPECTED TO BE
HIGHLY
ACCRETIVE, ADDING AN ASSET-LIGHT, LOW CAPEX BUSINESS TO CORBY
    * CORBY SPIRIT AND WINE LTD- REMAINING 10% OF ACE TO BE
MAINLY
HELD BY CERTAIN ACE FOUNDERS.
    * CORBY SPIRIT AND WINE LTD- DEAL WILL BE FUNDED USING
AVAILABLE
CASH AND FINANCING OF $120.0 MILLION FROM CORBY'S MAJORITY
SHAREHOLDER, PERNOD RICARD
    * CORBY SPIRIT AND WINE LTD- TRANSACTION EXPECTED TO
INCREASE
CORBY'S OPERATING REVENUE BY ABT 35% AND TO BE ACCRETIVE ON
CORBY'S OPERATING MARGIN
    * CORBY SPIRIT AND WINE LTD- CORBY HAS PATH TO 100%
OWNERSHIP OF
ACE THROUGH SERIES OF TWO CALL OPTIONS ON REMAINING SHARES,
EXERCISABLE IN 2025, 2028

Source text for Eikon:  ID:nCNWYdkKra 
Further company coverage:  CSWa.TO 

 ((Reuters.Briefs@thomsonreuters.com;))