Japan's Asahi to Buy Major Aussie Brewer from AB InBev

Economy

Tokyo, July 19 (Jiji Press)--Anheuser-Busch InBev of Belgium, the world's largest brewer, said Friday that it has agreed to sell Carlton & United Breweries, an Australian unit, to Japan's Asahi Group Holdings Ltd. <2502> for 16 billion Australian dollars.

The deal is expected to be completed by March 2020.

With the acquisition, the Japanese beverage giant, which is accelerating its overseas operations, will gain a foothold in the Australian beer market, where CUB holds a share of nearly 50 pct.

AB InBev plans to use the proceeds from the CUB sale to repay debts that have ballooned due to its aggressive business acquisition strategy.

In July, the Belgian brewer decided to put off its plan to list shares in an Asian subsidiary on the Hong Kong market, because of the deterioration in the market condition.

[Copyright The Jiji Press, Ltd.]

Jiji Press