PAI Partners, the French private equity group, has completed the €1.62bn acquisition of Netherlands-based drinks company Refresco.
PAI´s interest in Refresco first became public in April, though the latter rejected PAI´s preliminary €1.5bn offer.
Refresco subsequently agreed in July to purchase Canada-based bottling company Cott Corp in a separate $1.25bn deal.
The Netherlands-based drinks company planned to mainly finance the acquisition with debt but pledged to issue $200m in new shares within a year of the deal closing, which is expected during the second half of 2017.
PAI´s latest offer for Refresco represents a 22% premium to the average closing price since Refresco announced its acquisition of Cott.
The French group´s latest offer gives Refresco an enterprise value of around €3.3bn.
“This offer represents a fair value for our shareholders and is yet another milestone for the company. The consortium fully supports our strategy and with its track record, financial strength and understanding of our business, they can support the company whilst we accelerate our growth plan going forward,” said Hans Roelofs, chief executive officer of Refresco.