Anheuser-Busch InBev has agreed to sell breweries in nine eastern European countries to CVC Capital Partners for an initial US$2.23 billion, passing its target for divestments since its merger a year ago.
The world’s largest brewer said in a statement yesterday that the price tag could rise to US$3.03 billion depending on CVC’s return on investment.
AB InBev has therefore pushed past the US$7 billion goal it had set for divestments to help pay for InBev’s US$52 billion takeover of US rival Anheuser-Busch, which was completed last November.
The brewer of Budweiser, Stella Artois and Beck’s has actually raised a potential US$9.5 billion after sales of assets in South Korea, China, Scotland and Ireland as well as packaging and theme park businesses in the US.
AB InBev, which took the No. 1 spot back from SABMiller Plc last year, said CVC would be acquiring its operations in Bosnia-Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, Romania, Serbia and Slovakia.
The deal, which is expected to close by next January, is comprised of a US$1.618 billion cash payment, a US$448 million unsecured deferred payment obligation with a six-year maturity and interest of 8 percent to 15 percent and US$165 million in minority interests.
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