SABMiller Finalizes Topvar Acquisition
The transaction was originally announced back in May 2005, and makes SABMiller Slovenia's largest brewer by volume, ahead of Heineken.
23/03/06 SABMiller plc announces that, following receipt of approval from the Slovak Anti-Monopoly Office on Monday 13th March 2006, it has acquired 48.4% of the Slovakian brewer Topvar, a.s.
Under the terms of the agreement, the controlling shareholders will sell further shares to enable SABMiller to increase its interest in Topvar to at least 67% by the end of September 2006. The remaining shares held by the controlling shareholders are subject to put and call arrangements exercisable within 18 months of SABMiller acquiring the Additional Shares.
The transaction was originally announced back in May 2005, and makes SABMiller the country's largest brewer by volume, ahead of Heineken.
Topvar sold 569,000 hectolitres of beer in 2004, and had a net asset value of $15.2 million. Industry analysts said the company's enterprise value including debt was approximately $49 million.
Topvar owns one brewery in its home town of Topolcany in western Slovakia (just over 100km from Bratislava), where it produces four different beers - Topvar 10 Degrees Gravity, Topvar 12 Degrees Gravity, Topvar Patriot and Topvar Marina (a dark beer). It has 434 staff, and its brands are sold mainly in the western region of Slovakia.
