Coca-Cola Hellenic & Heineken acquire shares in Macedonia's Pivara Skopje
20 December 2011
Burges Salmon has advised Coca-Cola Hellenic Bottling Company S.A. and Heineken N.V. on the acquisition of 41.2% of the minority shares in Pivara Skopje, their joint venture beverage company in the Republic of Macedonia. The transaction completed earlier this month (15 December).
The aggregate consideration for the transaction is €79.1 million (excluding acquisition costs) to be divided equally between Coca-Cola Hellenic and Heineken.
The transaction was signed in November 2011 but was subject to approval by the competition authorities in the Republic of Macedonia. Coca-Cola Hellenic and Heineken now collectively own 96.5% of the shares in Pivara Skopje following the closing of the transaction.
The Burges Salmon team advising on the deal was led by corporate partner Nick Graves, assisted by Julie Book. Local law advice in Macedonia was provided by Knezovic and Associates.
Nick Graves said “We are delighted to have worked with CCHBC and Heineken on this interesting and complex transaction. Since the shares were traded on the Macedonian Stock exchange, a block trade was required and was settled through the Central Securities Depository AD Skopje.”
Pivara Skopje - established in 1924 - is the largest beer and soft drinks company in the Republic of Macedonia - distributing and selling the brands of The Coca-Cola Company and Heineken. In 1998 Coca-Cola Hellenic and Heineken together acquired the majority interest in the company.