Norton Rose Fulbright advises Carlsberg on strategic joint venture and partnership with Sapporo Breweries

Global law firm Norton Rose Fulbright has advised Carlsberg on its agreement with Sapporo Breweries to establish a strategic joint venture in Southeast Asia and Hong Kong.

The arrangement expands the existing relationship between the two brewers and brings together Carlsberg's current operations across a number of Southeast Asian markets, including Malaysia, Singapore, Vietnam, Cambodia and Laos, as well as Hong Kong. Under the terms of the transaction, the new joint venture will have exclusive and ongoing rights to manufacture and distribute Sapporo Premium Beer across these territories. Carlsberg will also obtain licensing rights to produce and commercialise Sapporo Premium Beer in Myanmar on a long-term basis.

The shareholding structure provides for Carlsberg to retain a controlling 75 percent interest in the joint venture, with Sapporo holding the remaining 25 percent. The transaction includes a cash payment of US$643 million to Carlsberg, which is expected to be applied towards debt reduction and general corporate purposes. Completion is subject to customary regulatory clearances and closing conditions.

The Norton Rose Fulbright team was led by partner Craig Loveless and senior associate Stephanie Teong, with support from counsel Chris Bell in Singapore; partners Claire O'Donnell, Dominic Stuttaford (Global Head of Tax), Mike Knapper (EMEA Head of Intellectual Property) and Mark Tricker, as well as senior associates Elisabeth Trotter and Alex Redbourne, in London; partner Charles Bremner and counsel Nicolas Cassauba in Hong Kong; and partner Marc Waha (Asia Head of Antitrust and Competition) in Japan.