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The Nolet Group has reached a conditional agreement with fellow Dutch spirits company Lucas Bols on its offer to purchase Bols for €269.5 million (approx. $284 million). The public offer, backed by Lucas Bols’ management board, aims to create a “Dutch champion in the global spirits and cocktails market”, the companies announced in a statement today (9 October 2023). The Nolet Group, manufacturer of the Ketel One vodka and Nolet’s Gin brands, has agreed to offer €18 in cash per share for Lucas Bols. This represents a premium of approximately 76% to Lucas Bols’ closing price per share of €10.20 euros on 6 October. The Lucas Bols Company is based in Amsterdam, the Netherlands, and is active in over 110 countries worldwide. Its portfolio of cocktail and spirits brands includes the passonfruit liqueur Passoã and Tequila Partida. Under the proposed merger, Lucas Bols will retain its identity, name and brands. It will be brought into the Nolet Group as a separate company under the continued leadership of its current CEO, Huub van Doorne, and CFO, Frank Cocx. It will continue to operate from its existing Amsterdam locations. CEO van Doorne said that Nolet’s “strong family values and centuries of Dutch heritage” are a great fit for the Lucas Bols culture, helping the business to accelerate its long-term growth journey. Carel Nolet, chair of Nolet Group, commented: “Nolet and Lucas Bols complement each other well in terms of markets, brands, innovation and marketing. For us, the combination with Lucas Bols is a valuable expansion with a strong portfolio of well-known brands.” “We have been a large shareholder since its listing in 2015 and have been supporting the leadership in delivering their strategy ever since. Through our own history and family culture, we understand what it takes to continuously strengthen spirits and cocktail brands for generations to come.”