Mallya buys Scot brewery for £ 595 mn
Indian liquor baron and chief of the United Brewery group Vijay Mallya acquired Scottish distiller Whyte and Mackay for an enterprise value of 595 million pounds.
The deal has been equally funded by Citibank and UK's ICICI Bank with each bringing over $500 million. The top brass of Mallay’s UB group has reached Glosgow in Scotland to unveil the acquisition. UB Group, world's third largest brewer controls 60 percent Indian market share.
Jubliant Vijay Mallya, Chairman of UB Group says the valuations for the company are justified according to their valuations. “We have paid 595 million pounds for 100 per cent of the equity of the company and we are pleased because our own internal calculations more than justifies this price.”
Mallya will perhaps use the takeover of Whyte and Mackay as the springboard for a London listing of his fast-growing spirits empire. Its products include brands such as Isle of Jura and Dalmore single malts.
Whyte and Mackay employs 600 people and is expected to record profits of more than 50 million pounds in the current financial year. It said over the weekend that it expected to see annual growth of at least 20 per cent over the next five years.
Mallya's company already has a strategic beer alliance with Edinburgh-based Scottish and Newcastle. Incidentally, the UB Group has Scottish origins, having been founded in 1915 by a Scot called Thomas Leishman.
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Indian liquor baron and chief of the United Brewery group Vijay Mallya acquired Scottish distiller Whyte and Mackay for an enterprise value of 595 million pounds.
The deal has been equally funded by Citibank and UK's ICICI Bank with each bringing over $500 million. The top brass of Mallay’s UB group has reached Glosgow in Scotland to unveil the acquisition. UB Group, world's third largest brewer controls 60 percent Indian market share.
Jubliant Vijay Mallya, Chairman of UB Group says the valuations for the company are justified according to their valuations. “We have paid 595 million pounds for 100 per cent of the equity of the company and we are pleased because our own internal calculations more than justifies this price.”
Mallya will perhaps use the takeover of Whyte and Mackay as the springboard for a London listing of his fast-growing spirits empire. Its products include brands such as Isle of Jura and Dalmore single malts.
Whyte and Mackay employs 600 people and is expected to record profits of more than 50 million pounds in the current financial year. It said over the weekend that it expected to see annual growth of at least 20 per cent over the next five years.
Mallya's company already has a strategic beer alliance with Edinburgh-based Scottish and Newcastle. Incidentally, the UB Group has Scottish origins, having been founded in 1915 by a Scot called Thomas Leishman.
Take Care...
