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Standard Bank partners with Heineken in support of their proposed acquisition of Distell

06 Dec 2021

Country
Namibia | South Africa
Year
2021
Sector
Consumer
Business Unit
Corporate and Investment Banking
Specific Role
Guarantor
Standard Bank has issued a R19,670,000,000 guarantee on behalf of Sunside Acquisitions Proprietary Limited (part of the Heineken Group) to support Heineken’s proposed acquisition of Distell Group Holding Limited.

The acquisition constitutes part of a wider transaction by Heineken. It entails an implementation agreement with Distell, Namibia Breweries Limited and Ohlthaver & List Group of Companies to integrate their respective and relevant businesses in Southern Africa into a new company controlled by Heineken. The transaction will bring benefits of scale to Heineken across the continent and will see the implementation of Heineken’s robust sustainability principles.

As guarantor for the acquisition of Distell, Standard Bank has undertaken a commitment to pay Distell shareholders a maximum cash consideration of R19,670,000,000. The commitment is one of the largest guarantees ever issued in Africa.

Speaking about the bank’s commitment to the acquisition of Distell, Abieyuwa Omoregie, Senior Manager, Client Coverage, Standard Bank, said: “Standard Bank Group is very happy to have been part of this hugely significant deal for Africa’s economic and sustainable development. Our commitment to the transaction is testament to the bank’s focus on bringing more global multinationals and foreign direct investment into Africa.”

The deal is subject to approvals from regulators and shareholders of Distell and Namibia Breweries. If approvals are successfully obtained, the transaction is expected to complete during 2022.