Allen & Overy advising Coca-Cola Iberian Partners on merger

Allen & Overy is advising Spanish bottling company Coca-Cola Iberian Partners on its merger with the US company Coca-Cola Enterprises and the German company Coca-Cola Erfrischungsgetränke, a wholly owned subsidiary of The Coca-Cola Corporation.

The merger will result in the formation of a new UK company Coca-Cola European Partners.

The transaction will create the world’s largest independent Coca-Cola bottler (based on net revenues), serving a population of over 300 million in 13 territories across western Europe.

Coca-Cola European Partners Plc will be incorporated in the UK, one of its largest markets, with headquarters in London. It will be publicly traded on the Amsterdam Euronext, the New York Stock Exchange and the Madrid Stock Exchange.

Coca-Cola Iberian Partners will become the single largest shareowner in Coca-Cola European Partners, and will bring 60 years of experience operating in Spain, Portugal and Iceland.

Allen & Overy partner Ed Barnett who, together with New York partner Eric Shube, is leading the firm’s global team said: “This was an extremely complex cross-border transaction involving three very established entities with strong brand equity coming together to create a new company that will deliver significant synergies and drive profitable growth.”

The proposed merger is subject to approval by Coca-Cola Enterprises’ shareowners and receipt of regulatory clearances. The deal is expected to close in the second quarter of 2016.

Clifford Chance advised The Coca-Cola Corporation on the German law aspects of the merger.

Meanwhile, according to Mergermarket, Uría Menéndez was retained by Coca-Cola Iberian Partners as an adviser on the merger, while Coca-Cola Refreshments USA was advised by Pérez-Llorca, Slaughter and May, and Hengeler Mueller.

Ben Cook