NautaDutilh advises FEMSA on the partial divestment of its stake in Heineken
NautaDutilh advised Mexican bottler and convenience store operator FEMSA in its EUR 3.2 billion accelerated bookbuild offering (ABB) of Heineken and Heineken Holding shares and its simultaneous EUR 500 million offering of bonds exchangeable into Heineken Holding shares. The proceeds from the ABB and the exchangeable bond offering will be used to finance FEMSA's new long-range plan to maximise value creation, as well as a series of decisions resulting from its strategic review process
FEMSA announced on 15 February 2023 that its Board of Directors approved a new long-range plan to maximise value creation and a series of decisions resulting from its strategic review process, including the divestiture of its investment in Heineken within the next 24 to 36 months. FEMSA-appointed directors will resign from the Heineken boards.
On 16 February 2023, FEMSA announced an accelerated bookbuild offering of its Heineken shares and a simultaneous offering of bonds exchangeable into Heineken Holding N.V. shares.
FEMSA raised approximately EUR 3.2 billion through these two transactions, enabling FEMSA's new long-range plan to maximise value creation, as well as a series of decisions resulting from its strategic review process.
"It was a pleasure to assist FEMSA on their ABB and exchangeable bond offering as it is the first step in their new strategic plan. The transaction was very well executed in volatile markets", says Capital Markets partner Petra Zijp who led the NautaDutilh team together with Sabrina Legerstee. The team further consisted of Antonia Netiv and Mohamad Jabari (Capital Markets), Koen Biesma (Corporate Advisory) and Pieternel Verhoeven-van den Brink (Taxation).
NautaDutilh acted alongside the US and UK teams of Cleary Gottlieb Steen & Hamilton.