Linklaters secures regulatory clearances for Britvic Plc’s £3.3bn takeover by Carlsberg

Linklaters has advised Britvic Plc on its takeover by Carlsberg A/S for £3.3bn (US$4.1bn), combining two major bottlers of PepsiCo Inc. soft drinks. This transaction received unconditional phase 1 clearance in the EU on 16 December 2024, and in the UK on 17 December 2024.

Carlsberg intends to create a single integrated beverage company in the United Kingdom, to be named Carlsberg Britvic. The enlarged business will have a portfolio of brands across the beer and soft drinks categories.

Following completion, Carlsberg Britvic is expected to become the largest PepsiCo bottling partner in Europe.

The Linklaters deal team was led by Corporate partners Iain Fenn and Jonathan Sadler, and Antitrust & Foreign Investment partner Bruce Kilpatrick, alongside managing associate Meila Burgess, and Global Head of Employment & Incentives, Alexandra Beidas.

This is the latest in a series of recent phase 1 clearances secured by Linklaters’ UK Antitrust and Foreign Investment Group for clients in complex cases, some with innovative remedies.

Recent clearances have included:

1. Barratt Developments plc on its recommended all-share offer for Redrow plc, at an implied value of Redrow of approximately £2.5bn.
2. Theramex on its proposed acquisition of certain rights and assets relating to the menopause therapy drugs Femoston and Duphaston from Viatris, Inc., a NASDAQ-listed pharmaceutical company.
3. Macquarie Asset Management on its acquisition of a 50% stake in Last Mile Infrastructure Group (Last Mile) from Infracapital, the infrastructure equity investment arm of M&G Plc.
4. Acerinox on its acquisition of Haynes International for approximately US$970m.