IRSA’s Tender Offer

May 19, 2021

Cleary Gottlieb is representing Goldman Sachs & Co. LLC (Goldman Sachs), as dealer manager and U.S. settlement agent, in a tender offer by Inversiones y Rentas S.A. (IRSA) to purchase up to 16.39 million shares of common stock of Compañía Cervecerías Unidas S.A. (CCU), in the form of shares or ADSs, for an aggregate purchase price of up to Ch$111.5 billion (approximately $155.7 million), excluding fees and expenses relating to the tender offer.

The tender offer launched on May 19, 2021, and is scheduled to expire on June 17, 2021, subject to potential extensions. The tender offer is being conducted as a single offer to holders in Chile, the United States, and other jurisdictions, and is subject to Chilean regulations and Regulation 14D of the Securities and Exchange Act of 1934, as amended.

If the tender offer is fully subscribed, IRSA will purchase shares representing approximately 4.44% of CCU’s currently outstanding common stock, which would increase its beneficial ownership of outstanding shares in CCU to approximately 66%.

IRSA, a Chilean closely held corporation, is as a joint venture of Quiñenco, a Chilean public corporation and Heineken Chile, a Chilean limited liability company. CCU, a Chilean open stock corporation, is a multicategory beverage company with operations in Chile, Argentina, Bolivia, Colombia, Paraguay, and Uruguay. As of December 31, 2020, CCU was the largest Chilean brewery; the second-largest brewer in Argentina; the second-largest producer of soft drinks in Chile; the second-largest wine producer in Chile; the largest producer of bottled mineral water, juices, and sport drinks in Chile; and one of the largest pisco producers in Chile.