International Beverage Holdings Limited entered into an agreement to acquire unknown majority stake in Larsen S.A.S. and Larsen cognac business from Anora Group Oyj for ?54.1 million.

International Beverage Holdings Limited entered into an agreement to acquire unknown majority stake in Larsen S.A.S. and Larsen cognac business from Anora Group Oyj (HLSE:ANORA) for ?54.1 million on September 6, 2023. Consideration will be paid in full at the closing of the transaction. Anora estimates that the transaction will have annual negative impacts of approximately ?6 million on Anora?s net sales and ?2 million on comparable EBITDA.

In addition, the proceeds of the sale will lead to a one-time gain of approximately ?8 million. The final sales price is subject to closing date adjustments. The transaction does not have an impact on the employment of the Larsen personnel.

The transaction is subject to ordinary local closing conditions and no regulatory approvals are required. The closing is expected to take place by the end of September 2023. EY Corporate Services Limited, Advisory Arm acted as financial advisor to Thai Beverage Public Company Limited.