HEINEKEN intends to acquire control of Distell and Namibia Breweries to create a regional beverage champion for Southern Africa
- HEINEKEN intends to acquire control of Distell and NBL, which will be combined with HEINEKEN South Africa into a new HEINEKEN majority owned business with a total valuation of approximately€4 billion
- Distell isAfrica's leading producer and marketer of ciders, flavoured alcoholic beverages, wines and spirits, and NBL is the beer market leader in Namibia
- Better able to serve consumers and customers with a unique multi-category portfolio, led by iconic brands Heineken®, Savanna, Windhoek, 4th Street wine and Amarula
- Combination will have a significantly strengthened and complementary route to market in South Africa and Namibia with further growth opportunities across Southern Africa
- EPS accretion expected within one year and operating profit margin accretion over the medium term on realisation of significant synergies
Amsterdam, 15 November 2021 – HEINEKEN N.V. ('HEINEKEN') (EURONEXT: HEIA; OTCQX: HEINY) today announced that it has entered into an implementation agreement with Distell Group Holdings Limited (‘Distell’), Namibia Breweries Limited (‘NBL’) and Ohlthaver & List Group of Companies (‘O&L’) to integrate their respective and relevant businesses in Southern Africa into one enlarged company (“the Transaction”).
The Transaction will be implemented through a number of simultaneous and inter-conditional steps, and will involve:
- A recommended offer by HEINEKEN for Distell, which values the businesses1 to be acquired at approximately €2.2 billion and is subject to, inter alia, Distell shareholder approval;
- The proposed acquisition from NBL of its 25% shareholding in HEINEKEN South Africa (‘HSA'), which values the whole of HSA at approximately €1.5 billion, and is subject to, inter alia, NBL shareholder approval; and
- The acquisition of O&L’s 50.01% interest in NBL Investment Holdings (Proprietary) Limited (‘NBLIH’), the controlling shareholder with a 59.4% shareholding in NBL. HEINEKEN already owns a 49.99% interest in NBLIH. NBL’s current market valuation is approximately €400 million.
At completion, HEINEKEN will contribute these acquired assets plus its 75% directly owned shareholding in HSA and certain other fully owned export operations in Africa, into an unlisted public holding company (referred to as Newco). HEINEKEN will own a minimum of 65% of Newco, with the remainder held by Distell shareholders who elect to reinvest.
HEINEKEN’s CEO and Chairman of the Executive Board Dolf van den Brink said:
“We are very excited to bring together three strong businesses to create a regional beverage champion, perfectly positioned to capture significant growth opportunities in Southern Africa.
Distell is a highly regarded, resilient business with leading brands, a talented workforce and a strong track record of innovation and growth in Africa. With NBL, there are exciting opportunities to expand premium beer and cider in Namibia and grow the iconic Windhoek brand beyond its home market. Together we will be able to better serve our consumers and customers through a unique combination of multi-category leading brands and a strengthened route-to-market. The businesses share common values derived from their family heritage, long-term perspectives, entrepreneurial spirit, and care for people and planet.
We have successfully built our business in Africa over 100 years. Today’s announcement is a vote of confidence in the long-term prospects of South Africa and Namibia and we commit to being a strong partner for growth and to make a positive impact in the communities in which we operate.”
DistellCEO Richard Rushton said:
“Together, this partnership has the potential to leverage the strength of HEINEKEN’s global footprint with our leading brands to create a formidable, diverse beverage company for Africa. I am excited for what lies ahead as we look to combine our strong and popular brands and highly complementary geographical footprints to create a world class African company in the alcohol beverage sector. Our combined entity will grow our local expertise and insights to better serve consumers across the region.”
NBL Chairman Sven Thiemesaid:
“What we have achieved with NBL is truly amazing, but the time has come to unleash its full potential, by giving NBL access to the world. Having worked with HEINEKEN for many years and knowing that they too are passionate about beer and share similar family values and culture to that of O&L, we are confident that HEINEKEN is best placed to do just that.”
HEINEKEN’s global EverGreen strategy places consumers and customers at its core whilst continually enhancing and expanding its portfolio and footprint. The Transaction will create a Southern Africa champion and an important gateway to Africa, the next frontier of growth, and will:
- Strengthen its #2 position in South Africa, the largest market in Africa, with a unique multi-category portfolio
- Bring together the leading portfolios in premium beer, cider, flavoured alcoholic beverages (FABs), wine, and #2 in spirits, with iconic brands such as Heineken®, Savanna, Hunters, 4th Street wine, and Amarula
- Beer to benefit from increased scale and continued premiumisation
- Acquire the leading Cider & FAB portfolio
- Wine and spirits offering complementarity and optionality
- Combine two highly complementary route-to-markets, reaching more consumers and customers, more often.
- Acquire control of the beer market leader in Namibia, providing premiumisation and other growth opportunities whilst benefitting from cost efficiencies when becoming part of the HEINEKEN group.
- Strengthen and optimise its footprint across Southern Africa to accelerate growth:
- Combine route-to-markets and portfolios in export countries, to increase efficiency and capture additional growth, especially in attractive markets like Kenya and Tanzania;
- Explore wider opportunities to grow the acquired cider and beer brands, such as Savanna and Windhoek, outside their home markets.
- Strengthen and optimise its footprint across Southern Africa to accelerate growth:
HEINEKEN anticipates that the Transaction will generate significant synergies, in line with comparable in-market transactions.
Financial impact for HEINEKEN
- HEINEKEN’s total investment in Newco will be approximately €2.5 billion, in return for a 65% shareholding. The total investment comprises:
- A cash pay-out of approximately €1.3 billion for the transactions involving Distell and NBL above; and
- The contribution of its currently owned assets, including 75% of HSA, 100% of its export businesses in certain other African markets, and its minority interest in NBL.
- On realisation of significant revenue and cost synergies, the Transaction is expected to be margin accretive over the medium term.
- The Transaction is expected to be EPS (beia) accretive within the first year post completion.
- Upon completion HEINEKEN's pro-forma net debt/EBITDA (beia) ratio is expected to increase marginally. HEINEKEN remains committed to return to the long-term target of below 2.5x.
Brew a Better World
HEINEKEN is committed to be a partner for growth in Southern Africa and aims to make a positive impact on the environment, social sustainability, and responsible consumption in the communities in which it operates. Headquartered in South Africa, the new business is ambitious for growth and will engage positively and proactively with stakeholders on measures demonstrating its long-term commitment to the region. This will include ongoing investment in the business, employment, localisation and supplier development, talent development, and contribution to the economic development of the region.
HEINEKEN is keenly aware of the importance of economic transformation in South Africa through Broad-Based Black Economic Empowerment (“B-BBEE”) and intends to enhance the enlarged business’ empowerment ownership post completion of the Transaction.
Newco will implement HEINEKEN’s Brew a Better World 2030 commitments, which include an ambitious agenda aligned to the UN Sustainable Development Goals to achieve carbon neutrality, waste reduction, water efficiency and address harmful use of alcohol. This will include projects and partnerships with proven impact on behavioural change and reducing alcohol related harm, alongside investment in responsible consumption campaigns and ensuring that consumers always have a choice through broadening the availability of zero alcohol beverages.
Completion of the Transaction between HEINEKEN, Distell and NBL is subject to customary and applicable (including regulatory and shareholder) approvals. Expressions of support for the transaction have been received from shareholders representing c.56% of the votes of Distell and c.68% of the votes of minority shareholders of NBL. If regulatory and shareholder approvals are successfully obtained, the Transaction is expected to complete in the course of 2022. Further announcements will be made as and when appropriate.
1 Representing the In-Scope Assets only as outlined in the Distell Firm Intention Announcement
Sarah Backhouse / Michael Fuchs
Investor and analyst enquiries
Federico Castillo Martinez / Robin Achten
CONFERENCE CALL DETAILS
HEINEKEN will host an analyst and investor conference call in relation to its Southern African Transaction today at 13:00 CET/ 12:00 GMT. The call will be audio cast live via the company’s website: www.theheinekencompany.com. An audio replay service will also be made available after the conference call at the above web address.
Analysts and investors can dial-in using the following telephone numbers:
United Kingdom: 0800 640 6441
United Kingdom (Local): 020 3936 2999
Netherlands (Local): 085 888 7233
USA (Local): 1 646 664 1960
USA: 1 855 9796 654
All other locations: +44 203 936 2999
Participation password for all countries: 894933
HEINEKEN is the world's most international brewer. It is the leading developer and marketer of premium beer and cider brands. Led by the Heineken® brand, the Group has a portfolio of more than 300 international, regional, local and specialty beers and ciders. We are committed to innovation, long-term brand investment, disciplined sales execution and focused cost management. Through "Brewing a Better World", sustainability is embedded in the business. HEINEKEN has a well-balanced geographic footprint with leadership positions in both developed and developing markets. We employ over 80,000 employees and operate breweries, malteries, cider plants and other production facilities in more than 70 countries. Heineken N.V. and Heineken Holding N.V. shares trade on the euronext in Amsterdam. Prices for the ordinary shares may be accessed on Bloomberg under the symbols HEIA NA and HEIO NA and on Reuters under HEIN.AS and HEIO.AS. HEINEKEN has two sponsored level 1 American Depositary Receipt (ADR) programmes: Heineken N.V. (OTCQX: HEINY) and Heineken Holding N.V. (OTCQX: HKHHY). Most recent information is available on HEINEKEN's website: www.theHEINEKENcompany.com. Follow us on LinkedIn, Twitter and Instagram.
Distell is Africa’s leading producer of spirits, wines, ciders and ready-to-drinks (RTDs) as well as the world's second-biggest producer of ciders. Some of the company’s top brands include Amarula, Hunter’s, Savanna, 4th Street, Klipdrift, Nederburg, Richelieu, Viceroy, and J.C. Le Roux. Distell employs 4500 people worldwide.
About Namibia Breweries Limited
Established on 29 October 1920, NBL is one of the leading beverage manufacturing companies in Namibia and indeed in Southern Africa. Based in Windhoek, and employing more than 800 people, NBL leads the domestic beer market in Namibia and has significant share of the premium beer category in Southern Africa. Its portfolio includes a range of soft beverages, as well as low and non-alcoholic products. NBL’s beer brands are brewed in strict accordance with the Reinheitsgebot “Purity Law” - which only uses three ingredients: malted barley, hops and water. It’s brands Windhoek Lager, Tafel Lager, Windhoek Draught and Windhoek Light have earned international recognition for quality and purity. NBL’s products are exported to 17 countries outside of Namibia and South Africa.
Market Abuse Regulation
This press release contains price-sensitive information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
- Click on PDF for full press release: HEINEKEN intends to acquire control of Distell and Namibia Breweries (15_11_2021)
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.
About GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire by notified
Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire by notified
Information on the total number of voting rights and shares26.11.2021 22:30:00 CET | Press release
REGULATED INFORMATION Information on the total number of voting rights and shares Mont-Saint-Guibert (Belgium), November 26, 2021, 10:30 pm CET / 4:30 pm ET – In accordance with article 15 of the Law of 2 May 2007 on the disclosure of large shareholdings, Nyxoah SA(Euronext Brussels and Nasdaq: NYXH) publishes the belowinformation following the exercise of subscription rights and the issue of new shares. Share capital: EUR 4,427,369.69 Total number of securities carrying voting rights: 25,772,359 (all ordinary shares) Total number of voting rights (= denominator): 25,772,359 (all relating to ordinary shares) Number of rights to subscribe to securities carrying voting rights not yet issued: 105 “2016 ESOP Warrants” issued on November 3, 2016, entitling their holders to subscribe to a total number of 52,500 securities carrying voting rights (all ordinary shares); 100 “2018 ESOP Warrants” issued on December 12, 2018, entitling their holders to subscribe to a total number of 50,000 securit
Fobi to Host Shareholder Update and Earnings Webinar26.11.2021 17:57:56 CET | Press release
VANCOUVER, British Columbia, Nov. 26, 2021 (GLOBE NEWSWIRE) -- Fobi AI Inc. (FOBI:TSXV) (FOBIF:OTCQB) (the “Company” or “Fobi”), a leading data intelligence company using artificial intelligence to help clients turn real-time data into actionable insights and personalized customer engagement, is pleased to announce that Fobi will host a virtual-only shareholder update webinar on Thursday, December 2, 2021, from 9-10am PST (12-1pm EST). The shareholder update webinar will be facilitated by Rob Anson, CEO and Mark Lotz, CFO, who will review the company's most recent reporting period as well as discuss milestones, financial strength, M&A and the outlook for the remainder of the fiscal year. Fobi CEO Rob Anson and CFO Mark Lotz will facilitate pre-submitted and live-chat questions and answers. The company will answer pre-submitted and live questions at the conclusion of prepared remarks. Investors are asked to submit their questions to email@example.com. To register for this webinar, please visit
Nordic American Tankers Ltd (NYSE: NAT) – Purchase of shares by NAT board member Alexander Hansson (DUPLICATE)26.11.2021 16:25:26 CET | Press release
Friday, November 26, 2021 Dear Shareholders and Investors, Alexander Hansson, Board member in Nordic American Tankers Ltd and son of Herbjorn Hansson, the NAT Founder, Chairman and CEO, has today bought 50,000 share in NAT at $1.8564 per share. Following the transaction, Alexander Hansson privately owns 1,035,000 shares in Nordic American Tankers Ltd. As in the past, the Hansson family is the largest private shareholder in NAT. Alexander Hansson commented: “Uncertain times are normally good for our tankers. The recent set-back in stock markets is a good opportunity to accumulate shares” Sincerely, Herbjorn Hansson Founder, Chairman & CEO Nordic American Tankers Ltd. www.nat.bm CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective i
CONDITIONS FOR RIKSBANK REVERSED AUCTIONS SEK GOVERNMENT BONDS26.11.2021 16:20:00 CET | Press release
Bid procedure, 2021-12-03BondsSWEDISH GOVERNMENT: 1062. SE0013935319. 2031-05-12 SWEDISH GOVERNMENT: 1063, SE0015193313, 2045-11-24 Bid date2021-12-03Bid times09.00-10.00 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)1062: 500 mln SEK +/-250 mln SEK 1063: 500 mln SEK +/-250 mln SEK Highest permitted bid volume (corresponding nominal amount)1062: 500 mln SEK per bid 1063: 500 mln SEK per bid Lowest permitted bid volume (corresponding nominal amount)SEK 50 million per bidExpected allocation timeNot later than 10.15 (CET/CEST) on the Bid dateDelivery and payment date2021-12-07Delivery of bondsTo the Riksbank's account in Euroclear Sweden AB's securities settlement system 1 4948 6383 Stockholm, 2021-11-26 This is a translation of the special terms and conditions published on www.riksbank.se. In the case of any inconsistency between the English translation and the Swedish language version, the Swedish language version shall prevail. Complete terms and conditions c
CONDITIONS FOR RIKSBANK REVERSED AUCTIONS SEK TREASURY BILLS26.11.2021 16:20:00 CET | Press release
Bid procedure, 2021-12-01BillsSWEDISH T-BILL: SE0017084494. 2022-02-16 SWEDISH T-BILL: SE0015659529, 2022-03-16 Bid date2021-12-01Bid times10.00-11.00 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)SE0017084494: 500 mln SEK +/-250 mln SEK SE0015659529: 1000 mln SEK +/-500 mln SEK Highest permitted bid volume (corresponding nominal amount)SE0017084494: 500 mln SEK per bid SE0015659529: 1000 mln SEK per bid Lowest permitted bid volume (corresponding nominal amount)SEK 50 million per bidExpected allocation timeNot later than 11.15 (CET/CEST) on the Bid dateDelivery and payment date2021-12-03Delivery of billsTo the Riksbank's account in Euroclear Sweden AB's securities settlement system 1 4948 6383 Stockholm, 2021-11-26 This is a translation of the special terms and conditions published on www.riksbank.se. In the case of any inconsistency between the English translation and the Swedish language version, the Swedish language version shall prevail. Complete terms an
CONDITIONS FOR RIKSBANK BID PROCEDURE KOMMUNINVEST BONDS26.11.2021 16:20:00 CET | Press release
Bid procedure, 2021-11-30BondsKOMMUNINVEST I SVERIGE: 2311. SE0010948240. 2023-11-13 KOMMUNINVEST I SVERIGE: 2505, SE0011414010, 2025-05-12 KOMMUNINVEST I SVERIGE: G23, XS1897258098, 2023-06-01 BidsBids on interest and volume are entered via Bloomberg Bond Auction SystemBid date2021-11-30Bid times10.00-11.00Requested volume (corresponding nominal amount)2311: 750 mln SEK +/-400 mln SEK 2505: 500 mln SEK +/-250 mln SEK G23: 250 mln SEK +/-150 mln SEK Highest permitted bid volume (corresponding nominal amount)2311: 750 mln SEK per bid 2505: 500 mln SEK per bid G23: 250 mln SEK per bid Lowest permitted bid volume (corresponding nominal amount)SEK 50 million per bidExpected allocation timeNot later than 11.15 (CET/CEST) on the Bid dateDelivery and payment date2021-12-02Delivery of bondsTo the Riksbank's account in Euroclear Sweden AB's securities settlement system 1 4948 6383General Terms and ConditionsGeneral Terms and Conditions General Terms and Conditions för the Riksbank’s Purchases o
CONDITIONS FOR THE RIKSBANK´S PURCHASES OF COMMERCIAL PAPER26.11.2021 16:20:00 CET | Press release
Bid procedure, 2021-12-01CertificateCommercial paper issued in SEK by non-financial companies with their registered office in Sweden and with a remaining maturity of up to six months on the Bid date. i.e. with the latest maturity date as of 2022-06-01 Delivery may not be made in commercial paper purchased by the Counterparty from the issuer less than one week prior to the date for announcing the Special terms, i.e. the purchase may not have been made after 2021-11-19 BidsCounterparties may make one bid per Credit rating class and maturity class. Bids are made to tel 08-696 69 70 and confirmed by e-mail to EOL@riksbank.se.Bid date2021-12-01Bid times09.00-09.30 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)SEK 4 billionHighest permitted bid volume (corresponding nominal amount)The total bid volume from one Counterparty for the two Credit rating classes may not exceed SEK 4 billion. No bid may contain Commercial paper in excess of SEK 250 million issued by the s