US Regulatory Clearance For Proposed Acquisition of Beam By Suntory
US federal antitrust regulators have cleared the proposed $16 billion acquisition of global spirits group Beam by Suntory Holdings of Japan.
Suntory’s agreed acquisition of Beam, which was spun off from Fortune Brands in 2011, will create a stronger global player in premium spirits with annual net sales exceeding $4.3 billion. The deal will make Suntory the world’s third largest spirits groups behind Diageo and Pernod Ricard but ahead of Brown-Forman.
“This is another important step towards completing the acquisition of Beam for $83.50 per share, and the transaction remains on track to close in April,” says Matt Shattock, president and chief executive of Beam.
The transaction remains subject to regulatory clearance in the European Union, the approval of Beam stockholders and customary closing conditions. A special meeting of Beam stockholders has been scheduled for Tuesday, March 25, 2014 to consider and vote on the transaction.
The proposed acquisition of Beam by Suntory Holdings was announced on January 13th.
