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Pernod Ricard offloads Tia Maria for €125m
Pernod Ricard has announced the disposal of Tia Maria coffee liqueur to Illva Saronno for a cash consideration of €125m on a cash-free/debt-free basis. The transaction signed and the cash consideration was paid simultaneously on 27 July 2009.
The sale of Tia Maria, together with other disposals completed since the acquisition of Vin & Sprit in July 2008, enables Pernod Ricard to continue its debt reduction programme having achieved disposals totalling in excess of €700m.
As part of the transaction:
- Chivas Brothers Limited has been appointed to produce Tia Maria for Illva Saronno.
- Arrangements have been made for short-term transitional distribution services to be provided by Pernod Ricard affiliates.
- Some longer-term distribution agreements will be entered into in certain markets.
- Pernod Ricard Argentina has been appointed to produce and distribute the brand in Argentina.
Pernod Ricard was advised in this transaction by Deutsche Bank, Rabobank and by Macfarlanes solicitors.
Source: Pernod Ricard
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