Asahi’s £250 million acquisition of the entire premium beer business of Fuller, Smith & Turner

Hogan Lovells is advising Asahi on its acquisition of the entire premium beer business of Fuller, Smith & Turner (“Fuller’s”) for an enterprise value of £250m on a debt free, cash free basis.

Under the terms of the deal, Asahi will acquire the entirety of the Fuller’s beer, cider and soft drinks brewing and production and wine wholesaling business, as well as the distribution of its brands, to include house names such as London Pride, Frontier Premium London Lager and Cornish Orchards and the iconic Griffin Brewery. Asahi will also receive a global, exclusive and royalty-free basis licence to use certain trade marks (including the “Fuller’s” name, logo and cartouche) for the provision of beverages in connection with the business.

The deal is expected to complete in the first half of 2019 subject to certain conditions, including obtaining a relevant confirmation from the UK Competition and Markets Authority and the approval of Fuller’s shareholders.

The team was led by London Corporate head, Ben Higson (Picture), with partners Peter Watts leading on commercial advice, Karen Hughes on tax advice, Suyong Kim and counsel Paul Castlo on antitrust advice, Ed Bowyer on employment advice, Edward Brown on pensions advice, Sahira Khwaja on IPMT advice, Nicola Fulford on data privacy and cyber security advice, counsel Kiran Khetia on incentives advice and Dan Norris on real estate advice, and Tokyo partner, Jacky Scanlan-Dyas.

Involved fees earner: Ed Bowyer – Hogan Lovells; Edward Brown – Hogan Lovells; Paul Castlo – Hogan Lovells; Nicola Fulford – Hogan Lovells; Ben Higson – Hogan Lovells; Karen Hughes – Hogan Lovells; Kiran Khetia – Hogan Lovells; Sahira Khwaja – Hogan Lovells; Suyong Kim – Hogan Lovells; Dan Norris – Hogan Lovells; Jacky Scanlan-Dyas – Hogan Lovells; Peter Watts – Hogan Lovells;

Law Firms: Hogan Lovells;

Clients: Asahi Breweries Ltd.;