Bill Hackett and the Crown team have built an absolutely phenomenal business driven by their strength in brand building and the strong relationships they have established with distributors and retailers in the marketplace. This is a perpetual agreement that has an initial term of 10 years and renews automatically for subsequent 10-year terms. In addition, ABI has the right, but not the obligation, to exercise a call option at a multiple of 13x EBIT for the Grupo Modelo brands, approximately one year prior to the expiration of any 10-year term subject to regulatory approval.This arrangement will dramatically enhance Constellation's financial profile as it will result in the full consolidation of Crown's financial results within Constellation's existing business model upon closing. Bob will have specifics related to the funding of the deal and the high-level financial implications for Constellation in just a few moments.
Constellation Brands Management Discusses Q1 2013 Results - Earnings Call Transcript
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