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.

International Beverage Holdings Limited completed the acquisition of Larsen S.A.S. and Larsen cognac business from Anora Group Oyj (HLSE:ANORA) on September 29, 2023. Darrois Villey Maillot Brochier acted as legal advisor to Anora Group. The Darrois Villey Maillot Brochier team is led by Forrest Alogna, with Thibault Verron and Alexandre Collet-Koppany on corporate and M&A aspects, as well as Vincent Agulhon and Anne-Sophie Del Grande on tax aspects, and Didier Théophile and Pauline Helly d?Angelin on antitrust aspects. Clifford Chance, Hong Kong acted as legal advisor to International Beverage. Clifford Chance team composed of Fabrice Cohen on the corporate aspects; as well as Alexandre Lagarrigue and Pierre Goyat on the tax aspects. Our London office also advised on the IP aspects with Stephen Reese.