Asahi expects the acquisition to close in the first half of 2017, and is positioning its overseas business as a growth engine to establish itself as a global player, the Tokyo-based brewer said Tuesday.
The deal further strengthens Asahi’s foothold in Europe after Japan’s largest brewer agreed to pay 2.55 billion euros ($2.7 billion) for AB InBev’s Peroni and Grolsch brands earlier this year. For AB InBev, the divestment brings it a step closer to meeting the antitrust commitments that allowed it to buy SABMiller for about $100 billion.
Asahi shares fell 4.6 per cent by the close of Tokyo trading Tuesday, the biggest drop since June. The purchase would be the largest by a Japanese brewer since Kirin Holdings Co.’s A$4.8 billion ($3.6 billion) acquisition of Australia’s Lion Nathan Pty in 2009, according to data compiled by Bloomberg.
The deal would value the SABMiller assets at about 15 times Ebitda for the year ended March 2016, a higher multiple than analysts had expected.
A completed sale would bring some much-needed cheer for AB InBev investors, who have seen the stock slide 15 percent this year through Monday.
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Source: Business-Standard