Linklaters advises Britvic on its takeover by Carlsberg for £3.3bn

Linklaters is advising Britvic Plc on its takeover by Carlsberg A/S for £3.3bn (US$4.1bn), combining two major bottlers of PepsiCo Inc. soft drinks.

The acquisition is conditional on the approval of Britvic Shareholders, the satisfaction of certain regulatory conditions and other usual conditions and terms. The transaction is being implemented with the support of PepsiCo.

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, alongside managing associate Meila Burgess, and Global Head of Employment & Incentives, Alexandra Beidas.

This is the latest in a series of high-profile takeover transactions by Linklaters’ UK Public M&A team. Recent transactions have included:

• Spirent Communications plc on the c. £1.16bn recommended offer from Keysight Technologies Inc.
• Barratt Developments plc on its recommended all-share offer for Redrow plc, at an implied value of Redrow of approximately £2.5bn
• BC Partners on its c. £239m cash offer for Kin and Carta plc
• Mondi plc in connection with its possible all-share combination with DS Smith plc