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118


t ransact ions


KungsLeden ab set to acquIre nr nordIc &


russIa ProPertIes. Listed swedish property company Kungsleden ab (publ) has reached a binding agreement


regarding the


acquisition of the majority of the properties held by nr nordic & russia Properties Ltd. Completion of the transaction is


scheduled for 31 March 2011,and will see Kungsleden acquire 36 properties, 33 of which are located in Sweden, one in Germany and two in Poland, for a purchase price of approximately SEK 3.6 bn including transaction costs. The a leasable area of the portfolio is


825,000 sq.m., 93 per cent of which is in Sweden. The total rental value is SEK 563m, equating to a property yield of approximately 10 percent. The acquisition will on an annual basis contribute to Kungsleden’s profit for calculated dividend with approximately SEK 200m. The portfolio comprises of office and


industrial properties and is characterised by stable returns with high quality tenants. The current vacancy rate is equivalent to 5 percent of the total rental value. “I’m very satisfied that we have


acquired an attractive portfolio to a good property yield. It has been an advantage for us to be able to provide NR with a solution for the entire portfolio in its realisation process together with Mr. Thomas Lindeborg who acquires the Russian properties. The properties represent a good fit to Kungsleden’s existing portfolio and further strengthens Kungsleden’s relationship to long-time client ABB,” commented Kungsleden’s Chief Executive Thomas Erséus. fi


Wheaton IndustrIes Inc. acquIres Laboratory


saLes LImIted Wheaton Industries Inc., located in millville, new Jersey announced today the acquisition of Laboratory sales Limited (LsL), a leading manufacturer and marketer of tubular glass products and laboratory consumables based in rochdale, england. Founded in 1980, LSL is a privately owned manufacturer and distributor of laboratory products that grew to become one of the U.K.’s premier manufacturers of tubular glass products for the Biotechnology and Cosmetic markets. Today, LSL also markets plastic laboratory consumables to the UK’s National Health Service (NHS) and education markets. Stephen Drozdow, President and CEO of


Wheaton Industries commented: “We were particularly attracted to LSL’s position and growth prospects in the UK and throughout Europe.” LSL will operate as a standalone


subsidiary of Wheaton Industries Inc. Drozdow added, “Customers can expect the same excellent products and service they have grown accustomed to. LSL’s renowned brand will be further complimented and extended by Wheaton’s broad product portfolio and global reach.”


Wheaton Industries is dedicated to


providing quality products and services for the laboratory research, diagnostic packaging, and specialty pharmaceutical industries. Throughout its 120+ year history Wheaton products have been present when the greatest discoveries and advances in science were accomplished. The Wheaton transaction team was led


by Stephen Drozdow, Danine Freeman (CFO), John Jones (Acquisitions Project Manager), and Robert Dolan from PNC Equity Partners. Gary Houghton and James Wild from Baker Tilly Corporate Finance LLP led the transaction on behalf of Grahame Elmore, the shareholder. fi


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visit www.finance-monthly.com dIageo PLc acquIres


mey İçKI diageo has reached an agreement to acquire mey İçki, the leading spirits company in turkey, for an enterprise value of tL3,300 million (£1,300 million) from investment firm tPg capital (tPg) and actera. the transaction is expected to complete in the second half of calendar 2011, subject to regulatory clearances. In the financial year ending 31 December 2010, Mey İçki had net sales of TL766 million (£300 million) and EBIT of TL305 million (£120 million). The company has an extensive nationwide sales and distribution network.


The acquisition is:


• Eps accretive Year 1 by approximately 1%


• Economic profit positive Year 5 using a 13% weighted average cost of capital


• A high-growth, high-margin business


Turkey is a fast-growing economy with an increasingly affluent middle-class and consumer spending is forecast to be twice the rate of GDP growth. The acquisition of the leading spirits company in this emerging market will allow Diageo to accelerate the growth of its complementary international spirits brands with increased access through Mey İçki’s strong distribution network and customer relationships in Turkey. Mey İçki will be consolidated as part of Diageo Europe and will continue to operate under the current management team. They have delivered strong growth over the last 3 years, and as part of the transaction, they are investing a percentage of their equity into an employee incentive scheme.


Paul Walsh, CEO of Diageo, said: “I am delighted to welcome the Mey İçki brands and management team to Diageo.” Cleary Gottlieb and Hergüner Bilgen


Özeke acted as legal advisors for TPG and Actera on this transaction, while Slaughter and May acted with Paksoy for Diageo. Freshfields Bruckhaus Deringer acted for the manager shareholders of Mey İçki. fi


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