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Diageo strikes Rs. 11,000 crore deal with Mallya’s United Spirits
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Print November 09, 2012: Diageo plc, the world’s biggest spirits maker, will acquire a controlling 53.4 stake in Vijay Mallya-promoted United Spirits for Rs. 11,166 crore (nearly $2 billion), the companies announced in a joint statement today. Mr Mallya will continue in his current role as chairman of United Spirits.
Diageo will acquire a 27.4 per cent stake in United Spirits for Rs. 5,725.4 crore from Mr Mallya-promoted UB Holdings and through preferential share issues. After this, Diageo will launch the mandatory buyback offer to acquire an additional 26 per cent stake.
Diageo will acquire a 19.3 per cent interest in United Spirits at a price of Rs. 1,440 per share from UB Holdings and a number of other entities related to the UB group. Following the disposal, the UBHL group will continue to hold 14.9 per cent of the current share capital of USL, the company said in a statement.
UK-based Diageo will also seek approval for a preferential allotment at Rs. 1,440 per share of new shares amounting to 10 per cent of the post-issue enlarged share capital of United Spirits.
Once Diageo has acquired the 27.4 per cent stake, it will launch the mandatory offer at Rs. 1,440 per share. Post the mandatory offer, Diageo will hold 53.4 per cent of the enlarged share capital of United Spirits at an aggregate cost of Rs. 11,166.5 crore.
"This represents a 20 times multiple of United Spirits EBITDA (earnings before interest, taxes, depreciation and amortization, or a measure of the company’s operating cash flow) for the year ended 31 March 2012 and the transaction would be EPS (earnings per share) accretive in year 2 and economic profit positive in year 6 assuming a 12 per cent WACC (weighted average cost of capital)," the statement said.
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