Bala Cynwyd, Pa., Sept. 28 - Central European Distribution Corporation today announced that on September 24, 2009 it closed its acquisition of the remaining 15% minority interest in Copecresto Enterprises Limited, which owns various production and distribution assets including the Parliament vodka trademarks in Russia and abroad, bringing CEDC's ownership stake in the business to 100%.
The total consideration for the acquisition of approximately $70 million was financed through the proceeds of CEDC's recent $180 million equity offering, completed in July 2009.
William Carey, President and CEO, commented: "We are pleased to have taken full control over the Parliament business. The conclusion of this transaction will enable us to move forward with the combination of our businesses in Russia and in turn recognize our planned synergies. We look forward to continuing to work with the management team in Parliament to support us in the successful execution of our Russian business strategy. We are also pleased that Sergey Kupriyanov, a former minority shareholder, will stay involved in the business as the Non-executive Chairman of the Parliament Group as well as maintain his current Board position with CEDC. We believe that Sergey's continued involvement in the business will provide the market and brand experience that will enable us to further develop the Parliament brand both in Russia and abroad."