Update on HEINEKEN Acquisition of Punch Taverns Portfolio
Amsterdam, 24 March 2017 - Heineken N.V. (EURONEXT: HEIA; OTCQX: HEINY) announced on 15 December 2016 that, through HEINEKEN UK, it had agreed a back-to-back deal with Vine Acquisitions Limited to acquire Punch Taverns Holdco (A) Limited ('Punch A') comprising approximately 1,900 pubs across the UK (the 'Transaction').
Completion of the Transaction remains subject to the satisfaction (or, if capable, waiver) of the remaining Conditions set out in the scheme document published by Punch Taverns plc ('Punch') on 17 January 2017 including clearance from the Competition & Markets Authority ('CMA').
On 20 February 2017, the CMA announced its intention to extend the preliminary assessment period of its Phase 1 review of the transaction. Following constructive engagement between the CMA, Punch and HEINEKEN UK, the CMA has confirmed today that the decision deadline has been extended from 24 April 2017 to 29 May 2017. The Transaction is now expected to complete by the end of August 2017.
ENDS
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Information relating to HEINEKEN UK and the HEINEKEN Group
HEINEKEN UK
HEINEKEN UK is one of the UK's leading cider and beer producers and the company behind brands such as Strongbow, Bulmers, Heineken®, Foster's, John Smith's and Desperados. HEINEKEN UK is the HEINEKEN Group's main operating entity in the UK and employs around 2,000 people across seven sites in the UK with offices, breweries and cider production facilities in Edinburgh, Tadcaster, Manchester, London, Hereford and Ledbury. HEINEKEN UK operates the Star Pubs & Bars business with a UK-wide estate of 1,049 pubs which has delivered an attractive profit margin and cash return to HEINEKEN UK. HEINEKEN UK is a wholly owned indirect subsidiary of HEINEKEN N.V.