CDH advised on the restructuring of Distell's multi-tiered ownership structure

CDH advised Distell, the South Africa-based leading global brewing and beverage company, which had a multi-tiered listed pyramid ownership structure involving, among others, JSE-listed Remgro, one of the pre-eminent investment companies in South Africa, and JSE-listed Capevin. Our team advised both Distell and Capevin in connection with the restructuring of the multi-tiered, pyramid-type ownership structure. 

3 Mar 2020 1 min read Featured work

This restructure valued at R38,8 billion, was effectively a merger of Capevin and Distell with a complex set of inter-conditional transaction steps, including the listing of a new company (New Distell) on the JSE. The transaction created extensive benefit for shareholders of Distell as it resulted in a single-entry point into Distell. 

The transaction was highly complex and involved previously undecided company law and take-over law interpretational issues. It triggered anti-trust approvals in multiple jurisdictions and required extensive engagement with the South African Takeover Regulation Panel (the Panel), in particular when the transaction was subject to a challenge before the Panel by a minority shareholder, which we advised on and successfully defended. The transaction was short-listed for DealMakers' Deal of the Year 2017.