Canada’s Waterloo Brewing (WBR) has agreed to sell itself to Danish beer giant Carlsberg Group for $144 million in cash.
Privately held Carlsberg said it will pay $4 in cash for each Waterloo Brewing share, which represents a nearly 20% premium over the $3.35 at which the stock closed on the Toronto Stock Exchange prior to the deal being publicly announced.
Waterloo Brewing, which is based in Kitchener, Ontario, said in a statement that being acquired by Carlsberg is the best long-term solution for employees, partners and consumers.
The deal between Waterloo Brewing and Carlsberg is expected to close in the first half of 2023. The acquisition requires approval by a two-thirds majority vote of Waterloo Brewing shareholders.
Prior to the Carlsberg deal being announced, Waterloo Brewing’s stock had been down 45% on the year.
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