C&C Group Finalises Takeover Of Conviviality Businesses

LONDON (Alliance News) - Irish drinks firm C&C Group PLC said Wednesday it has completed the purchase of Matthew Clark (Holdings) Ltd and Bibendum PLB (Topco) Ltd from Conviviality PLC.

Earlier Wednesday, alcohol distributor Conviviality confirmed it was in talks with C&C the sale of its Matthew Clark Bibendum unit.

The acquisition was conditional on the appointment of administrators to Conviviality,

C&C will pay a nominal sum and will provide sufficient funds to support the on-going working capital and other cash requirements of the businesses. In addition, Budweiser beer maker AB InBev NV will provide additional financial support to the transaction. C&C's investment will be funded from existing facilities.

C&C shares were up 12% on Wednesday afternoon at EUR2.87 each, while Conviviality's are suspended.