By James Atkinson
Asahi Group Holdings' local subsidiaries will receive $200 million from private equity funds to settle a dispute over the Japanese company's acquisition of Independent Liquor in 2011.
Asahi launched Federal Court proceedings early last year alleging misleading and deceptive conduct by Pacific Equity Partners and Unitas Capital, which Asahi alleged significantly inflated Independent's earnings during the sale process.
Asahi Group Holdings' subsidiaries will now drop their lawsuit in exchange for a NZD 220 million ($199.4 million) payment, the company announced yesterday.
"Following this settlement, we expect to record extraordinary income during this financial year," Asahi said.