Slaughter and May is advising Marston’s PLC on its new JV partnership with Carlsberg to form Carlsberg Marston’s Brewing Company (CMBC), a best-in-class, brand-led UK brewer and distribution company of scale. The transaction values the Marston’s brewing business at up to £580 million and the Carlsberg UK brewing business at £200 million. Marston’s will receive a 40 per cent stake in CMBC and a cash equalisation payment of up to £273 million, while Carlsberg UK will receive a 60 per cent stake in CMBC.
Following completion of the transaction, Marston’s will focus on its high quality, well invested pub and accommodation business, while retaining a 40 per cent interest in a larger, more attractive brewing business. The partnership constitutes a class 1 transaction for Marston’s, and a shareholder circular will be issued in due course. The transaction is expected to complete in Q3 2020, subject to Marston’s shareholder approval and competition clearance.
Slaughter and May worked closely with the Marston’s in-house legal team which was led by Anne-Marie Brennan and Bethan Raybould.
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