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Wine company makes UK and US acquisitions

Wine company makes UK and US acquisitions

Rodd Levy, Herbert Smith Freehills

An Australia-based global winemaking and distribution business has acquired wine assets in the UK and US.

Firms: Herbert Smith Freehills (Treasury Wine Estates)

Deal: TWE acquired UK and US wine assets from Diageo.

Value: US$600 million

Area: M&A and equity capital markets

Key players: The cross-border HSF team was jointly led by Melbourne partner Rodd Levy (pictured) and London partner Greg Mulley. In Melbourne, Mr Levy was joined by fellow corporate partners Richard Loveridge and Tim McEwen. In London, Mr Mulley was joined by Nick Pantlin, Andre Pretorius, Christine Young and Isaac Zailer.

Deal significance: The Herbert Smith Freehills London team advised Treasury Wine Estates (TWE) on its US$600 million acquisition of the UK and US assets of Diageo's wine business.

HSF’s Melbourne team advised TWE on a A$486 million fully underwritten equity entitlement offer to partly fund the acquisition.

Under the deal, TWE will acquire the second largest wine brand in the UK by volume and value in FY2015: Blossom Hill. TWE will also acquire several US brands including Beaulieu Vineyards, Sterling Vineyards, Acacia, Provenance and Hewitt.

Farella, Braun & Martel provided US legal advice to TWE, and Stibbe was the legal counsel to TWE in the Netherlands. Sheppard Mullin (US) and CMS (London and Netherlands) were legal advisers to Diageo.

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