Cleary, Sidley act on Suntory's $16bn acquisition of Beam
Cleary Gottlieb Steen & Hamilton is acting opposite Sidley Austin to advise Japanese drinks giant Suntory on its $16bn (£9.7bn) acquisition of US spirits maker Beam. Suntory announced this week it would acquire all of Beam's shares for $83.50 per share in cash, and assume all of the company's outstanding net debt.
January 13, 2014 at 11:19 PM
2 minute read
Cleary Gottlieb Steen & Hamilton is acting opposite Sidley Austin to advise Japanese drinks giant Suntory on its $16bn (£9.7bn) acquisition of US spirits maker Beam.
Suntory announced this week it would acquire all of Beam's shares for $83.50 per share in cash, and assume all of the company's outstanding net debt.
The transaction, which remains subject to approval and is expected to close in the second quarter of 2014, is expected to create a global company with annual sales of spirits exceeding $4.3bn (£2.6bn), making it the third-largest spirits maker in the world according to reports.
It will bring Beam brands such as Jim Beam, Maker's Mark, Courvoisier cognac and Pinnacle vodka together with Suntory's Japanese whiskies Yamazaki, Hakushu, Bowmore Scotch whisky and Midori liqueur.
Currently the Japanese company already distributes Beam products in Japan, whilst Beam distributes Suntory's products in Singapore and other Asian markets.
Acting for Suntory was US outfit Cleary Gottlieb, led by M&A partners Paul Shim and Benet O'Reilly, based in New York.
The firm also advised on financing, competition, employee benefits, IP, tax and environmental issues, with partners and their teams located across New York, Washington, Hong Kong, Moscow and Washington DC.
Sidley Austin has meanwhile advised Beam, with a group led by M&A partners Thomas Cole and Beth Flaming in Chicago, and senior counsel Frederick Lowinger.
In June last year, Suntory listed its non-alcoholic drinks arm Suntory Beverage & Food (SB&F) on the Tokyo Stock Exchange, raising $4.7bn (£3.1bn) for overseas expansion.
The offering was understood to be the largest in the Japanese capital since that of Japan Airlines for $8.5bn (£5.6bn).
Simpson Thacher & Bartlett represented the Osaka-based issuer, whilst Sullivan & Cromwell advised the underwriters.
In September, Clifford Chance represented Suntory on the acquisition of Ribena and Lucozade brands from GlaxoSmithKline for £1.35bn.
Related: A&O, CC drink to Suntory's £1.35bn Ribena and Lucozade acquisition
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