Allen & Overy has advised GlaxoSmithKline (GSK) on the sale of its nutritional drinks brands Lucozade and Ribena to Suntory Beverage and Food Ltd (Suntory), the Japanese consumer goods company, for £1.35bn.
It is expected that the transaction will be completed by the end of the year, subject to regulatory approvals.
Under the agreement, Suntory will acquire global rights to the brands with the exception of Nigeria, where GSK Nigeria will continue to manufacture and distribute Lucozade and Ribena under licence from Suntory.
In addition, Suntory will acquire GSK’s Coleford manufacturing site, which is located in the Forest of Dean in the UK. The vast majority of existing employees at the site will transfer to Suntory under the provisions of English employment law.
The Allen & Overy team was led by corporate partners Ed Barnett and Andrew Ballheimer, with assistance from Matthew Appleton and Nigel Parker.