Deal Watch: Firms Guzzle Fees in Coca-Cola Bottling Merger
When Coca-Cola bottlers combine to create the largest independent bottler for the mega beverage brand, they need a fountain of law firms to seal the deal. Plus, the pharma M&A frenzy continues in our latest roundup of billion-dollar deals.
August 06, 2015 at 01:44 PM
6 minute read
When Coca-Cola bottlers combine to create the largest independent bottler for the mega beverage brand, they need a fountain of law firms to seal the deal. On Thursday The Coca-Cola Company announced that Coca-Cola Enterprises (CCE), Coca-Cola Iberian Partners (CCIP) and Coca-Cola Erfrischungsgetränke AG (CCEAG) will merge to form a new Western European bottler—Coca-Cola European Partners plc—which is expected to rake in $12.6 billion in annual net revenues.
Coca-Cola European Partners will be incorporated in the U.K and is expected to see annual cost-savings of $350 million to $375 million within three years of the deal's planned closing in the second quarter of next year. Reuters reported that Coca-Cola European Partners will be valued at $31 billion, including debt.
The Coca-Cola Company called on Cleary Gottlieb Steen & Hamilton as legal counsel, along with Skadden, Arps, Slate, Meagher & Flom to advise on tax matters. Cahill Gordon & Reindel and Slaughter and May are advising on behalf of CCE, while Clay Long Esq. and Baker & Hostetler are representing the franchise relationship committee of CCE's board of directors. Allen & Overy and Uria Menendez are advising CCIP.
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