Our Toronto office, with assistance nationally, advised publicly listed Carlsberg Group, a global brewery group with products sold in 150 markets, on its arrangement to acquire TSX-listed Waterloo Brewing Ltd. for C$144m all-cash consideration. While the brewery business has seen consolidation recently, this transaction is the largest public acquisition of a Canadian brewery in recent years, with Waterloo Brewing Ltd. being one of the last large-scale independent breweries to be acquired.

Norton Rose Fulbright Canada provided in-depth structuring, tax and legal advice (including regulatory and Alcohol and Gaming Commission of Ontario compliance advice) in order to achieve Carlsberg Group’s goals. Many unique structuring and regulatory requirements were addressed by our team.  

The transaction is expected to be effected by way of a court-approved plan of arrangement, and will strengthen Carlsberg Group’s presence in Canada. Carlsberg Group’s beer portfolio spans both local and international premium brands, local power brands, alcohol-free brews, ciders, soft drinks and energy drinks.