International law firm Clifford Chance has advised long-time client Mondelēz International on the sale of approximately 7.7 million common shares of JDE Peet’s, representing 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 total gross proceeds of approximately €200 million. At the same time, Mondelēz International sold call options to Goldman Sachs Bank Europe SE on approximately 7.7 million additional ordinary shares of 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. Mondelēz International owned approximately 19% of JDE Peet’s prior to the sale and will continue to own approximately 17.5% after the completion of the sale. This interest may be further reduced to approximately 16% if the call options are exercised over the maturity period.
The sale was settled on April 3, 2023. Goldman Sachs Bank Europe SE acted as sole bookrunner for the sale and counterparty in the option sale.
Clifford Chance also worked for long-time client Mondelēz International on the joint venture that formed JDE in 2015 and then on the 2020 JDE Peet IPO.
The cross-border team on this transaction consisted of Robert Crothers (Corporate, London), Han Teerink and Serkan Ozel (Corporate/Capital Markets, Amsterdam) and William Winterton and Brij Patel (Global Financial Markets, London).
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