Singapore-listed Thai Beverage PLC has acquired a 75 percent share in Myanmar Distillery Co in separate acquisitions totalling US$741 million, media reports said.
The acquisitions include a $500 million deal with Texas-based TPG Capital, which said in a statement on October 13 it was selling its 50 percent stake in Myanmar Distillery to ThaiBev, owned by Thai billionaire Mr Charoen Sirivadhanabhakdi, the reports said.
Reuters quoted a source with direct knowledge of the sale as saying TPG Capital had acquired its stake in Myanmar Distillery, maker of top-selling Grand Royal Whisky and other brands, for $150 million in December 2015.
ThaiBev said in a filing with the Singapore stock exchange it had also acquired an additional stake in Myanmar Distillery from other parties, giving it a 75 percent share in the company.
The acquisitions have also given ThaiBev a 75 percent stake in Myanmar Supply Chain & Service Co, the filing said.
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The acquisitions, totalling $741.6 million, were funded with internal cash and bank financing, ThaiBev said.
ThaiBev was looking to overseas markets for growth after a recent sales dip in Thailand and the acquisitions give the food and beverage conglomerate access to expanded distributions networks in Myanmar, Reuters said.
Myanmar Distillery has manufacturing plants in Yangon and Mandalay and makes whisky, rum, gin and wine coolers sold by about 1,300 wholesalers and 20,000 retail outlets throughout the country, Dow Jones Newswires said.
