AB InBev repurchasing South Korea's Oriental Breweries for US$5.8 billion
AMSTERDAM - Belgium's AB InBev, the maker of Budweiser and Labatt beers, says it has agreed to repurchase South Korea's Oriental Breweries from private equity firms for US$5.8 billion.
Oriental Breweries â€” known for the Cass brand, South Korea's biggest seller â€” was sold in 2009 to KKR and Affinity Equity Partners after the combination of InBev with U.S.-based Anheuser-Busch.
In the meantime, AB InBev and Oriental Breweries continued to work together on a commercial level. OB had the South Korean distribution rights for brands such as Budweiser, Corona and Hoegaarden.
â€œWe are excited to invest in South Korea and to be working with the Oriental Brewery team again. OB will strengthen our position in the fast-growing Asia Pacific region and will become a significant contributor to our Asia Pacific Zone," AB InBev chief executive Carlos Brito said in a statement released from Brussels and Hong Kong.
Oriental Brewing will continue to be led by chief executive officer In-soo Chang, and remain headquartered in South Korea under its current name.
It will also become a part of AB InBevâ€™s Asia Pacific zone, which is led by Michel Doukeris.
AB InBev has grown into a global brewing company through a series of acquisitions, including the 1995 purchase of one of Canada's two largest beer makers, Labatt Breweries.
It never really wanted to part with the leading South Korean brewer, but sold it in 2009 as part of a strategy to reduce debt during the financial crisis.
Read more Business News
- BC likes to stay activeKelowna - 7:05 pm
- First Ebola case in the USWorld - 2:48 pm
- Distracted driving talesVernon / N. Okanagan - 8:00 pm
- Canadian dies in avalancheWorld - 8:55 pm
|QHR Technologies Inc||1.26||+0.03|
|Anavex Life Sciences||0.184||-0.001|
|Copper Mountain Mining||2.42||-0.10|
|Sunrise Resources Ltd||0.065||+0.045|
|Mission Ready Services||0.32||-0.02|
Part 2 of 2 to read Part 1, click here. 5. Dial down your vacations. New York is out. Maybe Buffalo. For West coast, maybe Seattle instead of Hawaii. Use sites like Airbnb (aribnb.ca) to find ch...
Niche food producer “Sweets from the Earth” thrives using innovation, uniqueness and an unwavering focus on quality. A neighbour’s stew turned Ilana Kadonoff off meat at the age of s...
Recently I had the privilege of working alongside André Voskuil, a local guru in the world of Alternative Financing. André has quite the reputation in the world of direct investments as ...