Carlsberg Group Purchasing Waterloo Brewing for $144 Million

KITCHENER, ON – Waterloo Brewing has announced that it has “entered into a definitive arrangement agreement” with the Carlsberg Group, under which the Danish multinational company has agreed to purchase all shares of Waterloo Brewing for $4.00 per share, or approximately $144 million in total.

The offer represents a 19.4% premium to the December 14th closing price of Waterloo Brewing shares on the Toronto Stock Exchange. The company’s Board of Directors, with the recommendation of a special committee of independent directors, has unanimously approved the sale and is advising all Waterloo Brewing shareholders to vote in favour of the offer.

“We’ve enjoyed a close relationship with Carlsberg and are excited about becoming part of one of the largest brewing companies in the world,” said George Croft, Waterloo Brewing’s President and CEO, in a statement. “Waterloo Brewing will be a great fit with Carlsberg’s strong, purpose-driven culture, and our Board of Directors is confident that joining Carlsberg is the best long-term solution for our employees, partners, customers, consumers and community.”

“One of our priorities in our SAIL’27 strategy is to grow our business in attractive markets, where we are small today, like Canada,” added Carlsberg Group CEO Cees ‘t Hart. “The acquisition of Waterloo Brewing significantly improves our growth prospects in the Canadian market.”

A special meeting of Waterloo Brewing shareholders and option holders is planned to take place in late February 2023 to vote on the offer, and if approved, the transaction is expected to be finalized by the end of March 2023.

For more details, see the full press release.

Source: Waterloo Brewing

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