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G+T advises on Australia’s largest M&A transaction for 2019
Gilbert and Tobin has advised AB InBev on the closing of the $16 billion sale of Carlton & United Breweries to Asahi.
Tony Zhang
Firms: Gilbert + Tobin and Freshfields advised AB InBev.
The deal required navigating a range of commercial and regulatory issues. Freshfields and G+T worked closely with AB InBev and CUB to achieve a successful closing following signing of the deal in July 2019.
Value: $16 billion.
Area: M&A, competition and regulation.
Key players: The G+T M&A/corporate team on the transaction was led by partners Neil Pathak and Craig Semple, with lawyers Matthew Ampt, Rose Burnfield, Nick Madders, Alon Takac and Erin Kirker.
Partner Deborah Johns handled FIRB matters and partners Elizabeth Avery and Gina Cass-Gottlieb led on competition + regulation matters, with lawyers Jeremy Jose and Jacqueline Reid.
The team was also supported by experts in the banking + infrastructure, tax, real estate + projects and employment groups.
Deal significance: The ACCC did not oppose the sale of CUB to Asahi after Asahi agreed to divest two of CUB’s beer brands and three of its cider brands.
AB InBev also provided a supporting undertaking to facilitate the transfer of the relevant licences.
G+T provided strategic advice to AB InBev and CUB in relation to the ACCC and FIRB approval processes.
Asahi Beverages chairman Peter Margin said it was an “exciting time” for the group as it embarks on the next chapter, taking over from Belgian drinks giant AB InBev in what the latter called one of its most profitable markets globally.
Before the deal, Asahi previously held approximately 30 per cent of the cider market, and 3.5 per cent of the beer market in Australia. The completion of the $16 billion deal marks the Japanese firm’s takeover of AB InBev’s 48.8 per cent market share.
“The acquisition of CUB will mean that Asahi Beverages is able to offer customers and consumers an even broader range of great tasting beverages with the addition of some of Australia’s most popular and well-loved beer brands,” Mr Margin said.
CUB insisted that it would continue to operate “in much the same way as it does today” becoming a business division alongside Asahi Premium Beverages, Asahi Lifestyle Beverages and Asahi Beverages NZ.
