US duo lead on Heineken's €5.3bn buyout of Mexican drinks company
Cleary Gottlieb Steen & Hamilton and Gibson Dunn & Crutcher have taken lead roles on Heineken's acquisition of Mexican drinks company FEMSA for €5.3bn (£4.8bn). FEMSA, the largest beverage company in Latin America, will receive a 20% stake in Heineken as part of the all-share deal, which sees Heineken take over FEMSA's beer business, which includes brands such as Sol.
January 11, 2010 at 11:32 AM
2 minute read
Cleary Gottlieb Steen & Hamilton and Gibson Dunn & Crutcher have taken lead roles on Heineken's acquisition of Mexican drinks company FEMSA for €5.3bn (£4.8bn).
FEMSA, the largest beverage company in Latin America, will receive a 20% stake in Heineken as part of the all-share deal, which sees Heineken take over FEMSA's beer business, which includes brands such as Sol.
Heineken turned to Gibson Dunn for US counsel with corporate partner Stephan Haimo leading a team from New York alongside lawyers in Los Angeles and Palo Alto. The Dutch brewing company was also advised by Mexico-based firm Galicia & Robles and Brazil's Mundie Advogados on local law issues.
Cleary advised regular client FEMSA with New York corporate partner Jaime El Koury heading up the firm's team. Freshfields Bruckhaus Deringer was European counsel with London-based corporate partner Julian Long advising.
The €5.3bn value of the deal includes €1.5bn (£1.35bn) of net debt and as well as the equity value of €3.8bn (£3.4bn). The deal, which is expected to close in the second quarter of this year, will give Heineken a foothold in Latin America for the first time.
In 2008 Heineken teamed up with Carlsberg on the £7.5bn purchase of Scottish & Newcastle (S&N), which handed roles to A&O advising Heineken, Linklaters for S&N and Norton Rose for Carlsberg.
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