Heineken agrees to buy SA’s Distell for R38.22bn

The Dutch brewer’s most significant acquisition since 2018.
Image: Kiyoshi Ota/Bloomberg

Heineken NV offered to buy South African wine and spirits maker Distell Group Holdings NV for 2.2 billion euros ($2.5 billion), the Dutch brewer’s most significant acquisition since 2018.

Read: Heineken takeover talks with Distell prolonged as investor holds out

The company made a recommended offer of R180 a share, according to a statement on Monday. Heineken will also look to buy a majority stake in the owner of Namibian Breweries, a regional partner, the brewer said.

Read: Heineken and Distell to conclude takeover talks by end September

Heienken approached Distell in May about a potential takeover of most of the business, which makes South African staples such as Klipdrift brandy and Savanna cider as well as a number of wines for export.

Distell shares traded at R182.59 as of the close on Friday. Distell didn’t pay a dividend for the financial year through June as a condition to Heineken’s takeover proposal.

Remgro, an investment vehicle of South African billionaire Johann Rupert, and the Public Investment Corp., Africa’s biggest money manager, each hold a little more than 30% of Distell, according to data compiled by Bloomberg.

© 2021 Bloomberg

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