March 23/M2 EquityBites -- Drinks Americas Holdings Ltd. signed a non-binding letter of intent (LOI) to acquire Global Beverages Asia Ltd. Financial details on the operation were not disclosed.
Global Beverages Asia is the name of company set up with the merger of Australian wine company Yarraman Winery and Asia Distribution Solutions Ltd., a distributor of wine and spirits in China.
The deal is an opportunity for Drinks Americas to expand in the Chinese market, while Global Beverages will be able to add Drinks Americas' products to its portfolio.
The operation will be subject to completion of due diligence, the negotiation of definitive agreements and the satisfaction of legal requirements.
From the March 30, 2009, Prepared Foods E-dition