International law firm Clifford Chance has advised longstanding client Mondelēz International on the sale of approximately 7.7 million ordinary shares in JDE Peet’s, corresponding to approximately 1.5% of JDE Peet’s issued and outstanding share capital. The shares were sold at a price of €26.10 per share, resulting in approximately €200 million in aggregate gross proceeds. Concurrently, Mondelēz International sold call options to Goldman Sachs Bank Europe SE on an additional approximate 7.7 million ordinary shares in JDE Peet’s, on which Clifford Chance also advised.
JDE Peet’s, listed on Euronext Amsterdam, is the world’s largest pure-play coffee and tea group by revenue, with brands including Peet’s Coffee, L’OR, Jacobs Coffee, Douwe Egberts, Senseo and Pickwick. Prior to the sale, Mondelēz International owned approximately 19% of the shares in JDE Peet’s and after settlement of the sale, it continues to own around 17.5% of the shares. That ownership will potentially be further reduced to approximately 16% if the call options are exercised over the maturity timeframe.
Settlement of the sale took place on 3 April 2023. Goldman Sachs Bank Europe SE acted as sole bookrunner for the sale and counterparty on the option sale.
Clifford Chance also acted for longstanding client Mondelēz International on the joint venture which created JDE in 2015 and subsequently on JDE Peet’s IPO in 2020.
The cross-border team on this transaction comprised Robert Crothers (Corporate, London), Han Teerink and Serkan Ozel (Corporate/Capital Markets, Amsterdam) and William Winterton and Brij Patel (Global Financial Markets, London).
