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    Home»Acquisitions»CVC funds to buy European vodka maker Stock Spirits for $1 bln
    Acquisitions

    CVC funds to buy European vodka maker Stock Spirits for $1 bln

    August 12, 20211 Min Read
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    CVC-affiliated funds will buy London-listed Stock Spirits (STCK.L) for about $1 billion, as the private equity firm looks to tap the popularity of its booze among millennials and women in central and eastern Europe.

    The takeover offer by CVC Capital Partners-affiliated funds of 377 pence per share for Stock Spirits represents a premium of 41% to the stock’s close on Wednesday. The proposal values Stock Spirits at 767 million pounds ($1.06 billion). Shares in the company jumped 42.7% to 382.5 pence by 0725 GMT.

    The agreement is the latest example of dealmaking involving private equity firms and UK-listed groups, whose valuations are relatively cheaper compared to U.S. companies.

    “Stock Spirits benefits from a portfolio of established brands trading in key segments of the market and a strong track record of product innovation,” a statement from the two parties said.

    For CVC, the deal is yet another focused on central and eastern Europe, where it has been a long-standing investor.

    Read more/Source: Reuters

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