Tilray Brands, Inc. (TLRY): M&A transaction — Tilray closes $83.4M cash acquisition of 8 Anheuser-Busch craft beer brands

Tilray Brands, Inc.

Acquired Shock Top, Breckenridge, Blue Point, 10 Barrel, Redhook, Widmer Brothers, Square Mile, HiBall.
Deal closed Sept 29, 2023; purchase price $83.4M cash after working capital adjustment.
Tilray becomes 5th largest U.S. craft brewer with 5% market share; pro forma beer revenue ~$250M.
Borrowed $20M under existing credit agreement (Bank of America) to fund part of purchase price.
Transaction is EBITDA accretive; Tilray expects synergies across procurement, logistics, supply chain.

item 1.01 item 2.01 item 2.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Tilray Brands, Inc. completed an acquisition involving Anheuser-Busch Companies, LLC for approximately $83.4 million in cash (closed 2023-09-29).

Action: acquisition
Counterparty: Anheuser-Busch Companies, LLC
Consideration: approximately $83.4 million in cash
Closing: 2023-09-29

Exact text from the filing

The AB Transaction closed on September 29, 2023. The purchase price paid to AB at closing was equal to approximately $83.4 million in cash, after giving effect to a working capital adjustment.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Tilray Brands, Inc. amended Second Amendment and Consent to Credit Agreement with Bank of America, N.A. (Administrative Agent) valued at Amendment and consent to credit agreement; $20 million borrowed (effective 2023-09-29).

Action: amendment
Agreement: credit facility
Counterparty: Bank of America, N.A. (Administrative Agent)
Value: Amendment and consent to credit agreement; $20 million borrowed
Effective: 2023-09-29

Exact text from the filing

On September 29, 2023, Tilray and the other parties to that certain Credit Agreement, dated as of June 30, 2023, with Bank of America, N.A. (the "Administrative Agent") entered into a Second Amendment and Consent to Credit Agreement (the "Credit Agreement Amendment").

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Tilray Brands, Inc. amended First Amendment to Securities and Asset Purchase Agreement with Anheuser-Busch valued at Amendment to purchase agreement for AB transaction (effective 2023-09-29).

Action: amendment
Agreement: asset purchase
Counterparty: Anheuser-Busch
Value: Amendment to purchase agreement for AB transaction
Effective: 2023-09-29

Exact text from the filing

On September 29, 2023, Tilray, Anheuser-Busch and the other parties to the Purchase Agreement entered into that certain First Amendment to Securities and Asset Purchase Agreement (the "First Amendment").

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Tilray Brands, Inc. filing history →

Source: SEC EDGAR

accession 0001437749-23-027331

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