Japan's Suntory to buy Jim Beam maker for $20 billion
NEW YORK (AFP) - Japan's Suntory Holdings will buy the US maker of Jim Beam bourbon for US$16 billion (S$20 billion) in a transaction that includes debt, creating the spirit sector's third-largest player, a joint statement said on Monday.
Suntory is offering US$83.50 per share for Beam Inc., a liquor group which makes Jim Beam, Sauza, Courvoisier and Teacher's, according to the statement.
The deal, approved by the board of directors of each company, is expected to close in the second quarter of 2014.
"Together we will be a global leader in distilled spirits with the number three position in premium spirits and a dynamic portfolio across key categories," said Beam Inc.'s president and chief executive Matt Shattock.