Norton Rose Fulbright advises Carlsberg on CMBC stake acquisition

Global law firm Norton Rose Fulbright has advised Carlsberg on its acquisition of the remaining 40% stake in Carlsberg Marston’s Limited (CMBC) from Marston plc, resulting in Carlsberg becoming the sole owner of CMBC. CMBC, known for its extensive portfolio of beer and ale brands, also boasts a robust distribution and logistics network.

Despite the change in ownership, Carlsberg and Marston's will continue their collaboration through a long-term brand distribution and logistics agreement. Norton Rose Fulbright has a long-standing relationship with Carlsberg, having previously advised on the formation of the joint venture with Marston’s in 2020.

The transaction was led by Norton Rose Fulbright partner Claire O’Donnell, supported by a specialised team including partners in tax, intellectual property, competition, and pensions law. The firm worked closely with Carlsberg’s in-house legal team to finalise the acquisition, marking a significant strategic move for Carlsberg.

Nomura served as financial advisers to Carlsberg, with Slaughter & May providing legal counsel to Marston’s, and JP Morgan acting as financial advisers to Marston’s.