LONDON & LEUVEN, Belgium -- The boards of Anheuser-Busch InBev SA/NV and SABMiller plc have reached agreement on the terms of a recommended acquisition of all shares of SABMiller by AB InBev.
The transaction will be implemented by means of the acquisition of SABMiller by Newco (a Belgian company to be formed for the purposes of the transaction). AB InBev will also merge into Newco so that, following completion of the transaction, Newco will be the new holding company for the combined group.
Pursuant to the terms of the transaction, each SABMiller shareholder will receive £44.00 (about $67 U.S.) in cash.
Meanwhile in an effort to resolve likely regulatory concerns, Anheuser-Busch InBev announced an agreement with Molson Coors Brewing Co. to acquire SABMiller’s 50% voting interest and 58% economic interest in MillerCoors LLC, a joint venture in the U.S. and Puerto Rico between Molson Coors and SABMiller. The total transaction is valued at $12 billion and is conditional on the completion of AB InBev’s acquisition of SABMiller.
Upon completion of the transaction, MillerCoors will become a wholly owned subsidiary of Molson Coors, and Molson Coors will have full control of the operations and resulting economic benefits of MillerCoors.
Under the agreement, Molson Coors will acquire full ownership of the Miller brand portfolio outside of the U.S. and retain the rights to all of the brands currently in the MillerCoors portfolio for the U.S. market, including import brands such as Peroni and Pilsner Urquell.
The sale also includes the global Miller brand, currently sold in over 25 countries, as well as related trademarks and other intellectual property rights.
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