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Covington Advises Bacardi Limited in Its Acquisition of Tequila Cazadores

June 24, 2002

June 24, 2002, WASHINGTON, D.C. - Covington & Burling today announced that it represented Bacardi Limited and its subsidiaries in their acquisition of trademarks and other intangible and tangible assets from Tequila Cazadores, S.A. de C.V. and its affiliates. A long-term supply agreement for blue agave, the cactus-like plant from which tequila is made, was also signed by affiliates of Bacardi and Tequila Cazadores. Financial terms of the deal have not been publicly disclosed.

The acquisition is part of Bacardi's continuing effort to expand its portfolio of premium drink brands with growth potential. Tequila Cazadores, which has been sold in Mexico since 1982, is reported to be the market leader in the reposado category (tequila aged between 60 days and one year).

Acquisition agreements were entered into on May 31, 2002. The acquisition was completed less than one week later on June 3, 2002, with simultaneous closings occurring in Guadalajara, Mexico, Washington, D.C., New York, NY, and Los Angeles, CA. Covington served as lead counsel for Bacardi, in a team that included Mexican corporate counsel, U.S. and Mexican antitrust and intellectual property counsel, and international tax advisors.

Covington's legal team was led by Oscar M. Garibaldi. The Covington team included partner Richard A. Brady (tax) and associates James P.A. Ryan and Patrick M. McCaffery (corporate).

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