Belgian drinks giant Anheuser-Busch InBev (AB InBev) will sell its Australian business, Carlton & United Breweries (CUB), to Japanese drinks company Asahi Group for approximately $11.3 billion.

Based in Melbourne, the portfolio of Carlton & United Breweries includes Foster’s, Victoria Bitter and Carlton. The company employs around 1500 people.

As part of the sale agreement, Asahi Group will acquire rights to commercialize the portfolio of AB InBev’s global and international brands in the country.

The sale of Carlton & United Breweries is expected to help AB InBev create additional shareholder value and expand into other fast-growing markets in the Asia-Pacific (APAC) region and internationally.

Carlos Brito – AB InBev chief executive officer said: “We continue to see great potential for our business in APAC and the region remains a growth engine within our company.

“With our unparalleled portfolio of brands, strong commercial plans and talented people, we are uniquely positioned to capture opportunities for growth across the APAC region.”

The proceeds from the sale of Carlton & United Breweries will be used to reduce the debt of AB InBev.

Subject to customary closing conditions, including but not limited to regulatory approvals in Australia, the transaction is expected to be completed by the first quarter of 2020.

AB InBev said it is also interested in a public offering of a minority stake of Budweiser Brewing Company APAC Limited (Budweiser APAC), excluding Australia, provided that it can be completed at the right valuation.

  AB InBev, Anheuser-Busch InBev, Asahi Group, Australia, Carlos Brito, Carlton & United Breweries, Drinks acquisition news