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Carlsberg snaps up Canada's Waterloo Brewing in $106 million deal

A bar worker carries a tray of Carlsberg beer in Copenhagen

COPENHAGEN (Reuters) -Danish brewer Carlsberg said on Thursday it had agreed to buy Canadian Waterloo Brewing for a total equity value of around 144 million Canadian dollars ($106 million) in cash.

The deal is part of Carlsberg's strategy towards 2027 to grow in categories beyond its core beer market, adding products like cider, seltzers and premium brand beers.

"Carlsberg's international beer and cider portfolio complements Waterloo Brewing's portfolio of local beers and ready-to-drink beverages," said Carlsberg in a statement.

It expected the deal, still subject to approval by Waterloo's security holders, to close in the first half of 2023. Boards of both companies have approved the transaction and Waterloo's board recommends shareholders to vote in favour.

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Waterloo shareholders will received 4 Canadian dollars (CAD) in cash for each share held. The stock closed at 3.35 CAD on Wednesday, Refinitiv data showed.

($1 = 1.3559 Canadian dollars)

(Reporting by Stine Jacobsen, editing by Terje Solsvik)