Carlsberg
CASE STUDY
What did we do?
Baker McKenzie advised Carlsberg, the Danish multinational brewer, on its recommended cash acquisition of international soft drinks business, Britvic PLC. The acquisition supports Carlsberg’s overall growth ambition. It was one of the most high-profile UK Public M&A deals in 2024.
Over the past decades, our lawyers have played a pivotal role in many major food & beverage transactions. Our unique, industry-tailored approach to acquisition execution in the sector enables us to assist clients in focusing on the key assets of the target, evaluating the strength of the brand portfolio, delving into the supply chain and route to market, addressing product regulatory aspects, and ensuring meaningful protection is obtained in the deal documentation. The breadth of our transactional experience means we can also help to manage regulatory and competition issues inherent in complex mergers and acquisitions and liaise directly with regulators and foreign investment authorities.
Advised Carlsberg on its GBP 3.3 billion recommended cash acquisition of Britvic
In depth review
Baker McKenzie acted as the lead transactional counsel to Carlsberg. This transaction built on Carlsberg’s successful bottling business in the Nordic region and deepens its footprint in Western Europe, an important region that offers stable and attractive growth prospects.
We advised on all strategic aspects of the transaction, including corporate law and UK Takeover Code compliance, renegotiations of arrangements with PepsiCo, financing, employment matters, and offers to Britvic share plan participants. The wider transaction was unusually complex, involving multiple negotiations with various parties over many months. Our expertise and meticulous approach ensured that Carlsberg successfully navigated these challenges and achieved a smooth and successful transaction.
Carlsberg is a longstanding client of Baker McKenzie. We have supported it on several important matters over the years including the sale of its Russian business, Baltika, which was ultimately completed in 2024. Our deep understanding of Carlsberg’s business enabled us to deliver significant added value in this transaction.
Led by London M&A Partner, Nick Bryans, the Baker McKenzie core team included corporate partner James Thompson and was supported by experienced and diverse team of specialist lawyers from M&A, banking & finance, commercial, employment, pensions and intellectual property teams.
Baker McKenzie is well-versed in the unique challenges of this dynamic and ever-changing sector and offers a holistic approach, bringing the knowledge, integrated experience and geographical scope needed to address the varying needs of global consumer goods & retail companies, without compromising quality. As a full-service firm, we have deep expertise in all of the specialty areas necessary for a successful transaction. Our M&A lawyers work hand-in-hand with these specialists to strategically address all legal and regulatory implications of a transaction to minimize risk and provide end-to-end service.
Our team
This deal plays to our strengths on advising on high-profile, complex and multi-jurisdictional M&A transactions. We are delighted to be acting for Carlsberg on this important transaction and wish Carlsberg success in their ambition that Carlsberg Britvic will become the preferred multi-beverage supplier to customers in the UK with a comprehensive portfolio of market-leading brands. Nick Bryans, Partner, London
James Thompson
Partner, London
Nick Bryans
Partner, London
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Strategic impact
Carlsberg’s existing relationship with PepsiCo, resulting in it becoming PepsiCo’s largest bottling partner in Europe
Strengthening
of approximately GBP 3.3 billion and an implied enterprise value of approximately GBP 4.1 billion
Deal value
Carlsberg's ambition to create a single integrated beverage company in the UK
Supporting
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