Carlsberg completes acquisition of Waterloo Brewing

On December 14, 2022, Waterloo Brewing Ltd. ("Waterloo Brewing") announced that it entered into a definitive arrangement agreement with Carlsberg Group ("Carlsberg") pursuant to which Carlsberg agreed to acquire all of the issued and outstanding shares of Waterloo Brewing, by way of a statutory plan of arrangement under the Business Corporations Act (Ontario).

Under the terms of the arrangement agreement, shareholders of Waterloo Brewing would receive C$4.00 in cash for each Waterloo Brewing share held, implying an aggregate equity value of approximately C$144 million, on a fully diluted, in-the-money, treasury method basis and an enterprise value of C$217 million.

Waterloo Brewing's board of directors ("Board"), acting on the unanimous recommendation of a special committee of independent directors (“Special Committee”), approved the transaction and unanimously recommended that Waterloo Brewing shareholders vote in its favour.

A special meeting of Waterloo Brewing’s shareholders and option holders (the “Securityholders”) was held on February 23, 2023, at which time Securityholders overwhelmingly voted in favour of the plan of arrangement.

Completion of the transaction was announced on March 7, 2023.

Further information can be found on Canada Newswire’s website.

Waterloo Brewing is Ontario's largest Canadian-owned brewery and the first craft brewery to start-up in Ontario. It is credited with pioneering the present-day craft brewing renaissance in Canada.

Carlsberg Group, established in 1847 by brewer J.C. Jacobsen, is one of the leading brewery groups in the world, with products sold in 150 markets. Its beer portfolio spans both local and international premium brands, such as 1664 Blanc, Carlsberg, Tuborg and Kronenbourg, strong local power brands, and alcohol-free brews.