Clifford Chance Leads Suntory on Beverage Buyout
Clifford Chance has advised Japan’s Suntory Beverage & Food Ltd. on its $2.1 billion purchase of two beverage brands from GlaxoSmithKline Plc.
Suntory is purchasing GSK’s nutritional drinks, Lucozade and Ribena, including a manufacturing facility in the United Kingdom. Glaxo will continue to produce and distribute the beverages in Nigeria under license from Suntory as part of the agreement.
Pending regulatory approval, the deal is expected to close by the end of the year.
The decision to shed the assets was part of the U.K. drugmaker’s decision to focus on a core portfolio of healthcare brands, especially in emerging markets.
London partners Joel Ziff and Robert Crothers are leading the Clifford Chance team advising Suntory.*
Allen & Overy is acting for GSK, with its team led by London partners Ed Barnett and Andrew Ballheimer.
*Updated, 9/9/13: This story has been updated to include the role of Clifford Chance partner Robert Crothers as adviser to Suntory Beverage & Food Ltd.