Norton Rose Fulbright advises Carlsberg on £780m JV with Marston's plc

United Kingdom Business May 2020

Global law firm Norton Rose Fulbright is advising longstanding client Carlsberg on its proposed deal with Marston’s plc to form a new joint venture beer company in the UK, Carlsberg Marston’s Brewing Company (CMBC). Carlsberg UK will be the majority shareholder, owning 60% of the equity.

Both companies will inject brewing and distribution assets into the joint venture including Carlsberg’s Northampton and London Fields breweries, and national distribution centre as well as Marston'ssix national and regional breweries - Marston's, Banks's, Wychwood, Jennings, Ringwood and Eagle - and 11 distribution depots. CMBC will also have access to Marston’s pub estate via a long-term supply and distribution agreement.

The deal is expected to complete in the second half of this year and is subject to shareholder and regulatory approvals.

Claire O’Donnell, a London-based corporate partner who led Norton Rose Fulbright’s transaction team, commented: “As we move through 2020, we are likely to see more consolidation in consumer industries, particularly amongst companies who wish to extend their brand and distribution portfolios.”

Along with Claire O’Donnell, the team advising on the transaction included partners Mike Knapper, Mark Tricker, Dominic Stuttaford, Lesley Browning, Andrew Phillips, Matt Findley and counsels Lauren Pullen-Stanley, Lily Kotsana and Sarah Tonks. The Norton Rose Fulbright team worked closely with Carlsberg’s in-house legal team including Andreas Bernhard-Kirk, Jeremy Brown and Matthias Restorff as well as Keith Gilbert and Emily Settle of Freeths LLP who provided legal due diligence and ancillary input.

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