UK – Carlsberg has agreed to acquire British soft drinks maker Britvic for £3.3 billion (US$4.23 billion) and to buy out UK pub group Marston’s from their joint venture, aiming to establish a leading beverage company in the UK. 

The acquisition deal offers 1,290 pence per share for Britvic, along with a small dividend that brings the total to 1,315 pence per share for shareholders.  

This agreement follows Britvic’s previous rejections of Carlsberg’s offers in June, which included an improved cash takeover bid of 1,250 pence per share and an earlier proposal of 1,200 pence per share.  

Britvic had deemed these offers to significantly undervalue the company’s current and future prospects. 

Carlsberg’s announcement detailed plans to create an integrated beer and soft drinks company in Britain, leveraging common procurement, production, and distribution networks.  

The new entity, Carlsberg Britvic, aims to strengthen the Danish group’s partnership with PepsiCo, which has existing bottling deals with both Carlsberg and Britvic. 

Ian Durant, the non-executive chair of Britvic, stated that the proposed deal “creates an enlarged international group that is well-placed to capture growth opportunities in multiple drinks sectors.”  

Carlsberg CEO Jacob Aarup-Andersen added that the deal combines “Britvic’s high-quality soft drinks portfolio with Carlsberg’s strong beer portfolio and route-to-market capabilities, creating an enhanced proposition across the UK and markets in Western Europe.” 

Marston to sell 40% stake 

Simultaneously, Marston’s announced the sale of its 40 percent stake in the brewing joint venture Carlsberg Marston’s Limited for £206 million (US$355.9 million) in cash. 

Carlsberg is looking to expand its focus on categories such as cider, hard lemonade, hard seltzers, and ready-to-drink cocktails to capitalize on the growing demand for beverages beyond traditional beer. 

Founded in Denmark in 1847, Carlsberg has a long history in Britain.  

The company first shipped its beer to the UK in 1868 and began brewing in Northampton, England, in 1973. In the 1990s, Carlsberg merged with the owners of Tetley’s ale and formed a brewing joint venture with Marston’s in 2020. 

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