EU approves Beam acquisition; closing set April 30
Deerfield-based spirits maker Beam Inc.'s $13.6 billion acquisition by Japanese company Suntory Holdings is expected to close April 30 now that the European Commission has given approval to the purchase.
The EU's clearance was the final hurdle in the planned acquisition. Beam shareholders approved the plan last month
"Regulatory clearance from the European Commission paves the way to complete the transaction with Suntory Holdings next week," said Matt Shattock, president and CEO of Beam.
"We have been working with Suntory to help ensure a smooth integration as we create the world's No. 3 premium spirits company," Shattock added. "Our portfolios and operations are highly complementary, so we'll be focused on sustaining our momentum and generating sales synergies as we bring our companies together."
Once the transaction is complete, Beam shares will no longer trade on the New York Stock Exchange, the company said. Under the plan, shares of Beam common stock will convert into the right to receive $83.50 in cash, subject to applicable withholding taxes.
The companies announced the acquisition in January. Suntory, whose portfolio of spirits include Yamazaki and Hakushu whiskeys as well as Midori liqueur and other beverages, will add well-known U.S. brands such as Jim Beam and Maker's Mark bourbons with the acquisition. Suntory already distributes Beam's products in Japan.