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C and C get OK to buy Gleeson Group

Wednesday, February 27 15:14:49

Drinks group, C and C, today said that it has received clearance from the Irish Competition Authority to proceed with the acquisition of M and J Gleeson (Investments) Limited and its subsidiaries.

C and C will pay E8 million in cash up front with E4.4 million deferred for one year. It is also taking on debts of E45.6 million, implying an enterprise value of E58 million for the transaction.

Gleeson Group is the largest distributor of packaged long alcohol drinks to the licensed on-trade in Ireland.

The deal will see Irish businessman Pat Cooney and his family netting around E12.4 million in cash from the sale.

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