United Kingdom · Company filings
What Asahi bought when AB InBev took over SABMiller
AB InBev completed its purchase of UK-listed SABMiller in October 2016. Two sales to Asahi then separated the Peroni, Grolsch and Meantime businesses and a distinct package spanning five Central and Eastern European countries.
Sources checked
- 11 November 2015Recommended acquisition announced
AB InBev and SABMiller agree terms Source 1
- 24 May 2016European Commission gives conditional clearance
European beer divestitures form part of the remedy Source 1
- 26 July 2016AB InBev revises its offer
Final cash option of £45 per SABMiller share Source 1
- 10 October 2016Combination completes
Newbelco becomes the combined group’s holding company Source 2
- 11 October 2016Premium brands disposal completes
Asahi acquires Peroni, Grolsch and Meantime businesses Source 3
- 13 December 2016Five-country disposal agreed
Asahi agrees €7.3 billion enterprise value Source 4
Show 1 more dates
- March 2017Five-country sale completes
Asahi acquires Central and Eastern European operations Source 5
The European beer operations moved in separate transactions in 2016 and 2017.
SABMiller holders had two consideration routes
The final offer gave eligible holders a £45 cash option per SABMiller share. A partial share alternative combined restricted Newbelco shares with a smaller cash amount and was subject to the terms of the offer. The Belgian merger completed in October, when Newbelco became the combined holding company. Source 1 Source 2
European clearance required businesses to move
The European Commission’s May 2016 clearance was conditional on divestiture commitments. The Commission assessed competitive conditions across national markets. Selling functioning businesses to a suitable purchaser could preserve a separate operator with brands and operations in those markets. Source 6 Source 1
The first Asahi package included three premium brands
On 11 October AB InBev reported completing the sale of the Peroni, Grolsch and Meantime brand families and related operations to Asahi. The package covered businesses in Italy, the Netherlands and the UK, with other international rights subject to the stated exclusions. Source 3 Source 5
The second package gave Asahi operations in five more countries
The December agreement covered former SABMiller businesses in Poland, Czechia, Slovakia, Hungary and Romania. Asahi reported completing the purchase in March 2017 and included Pilsner Urquell among the brands acquired. The €7.3 billion headline applied to this second deal. Source 4 Source 5
Sources
- AB InBev and SABMiller transaction milestones filed with the SEC
- AB InBev completion announcement filed with the SEC
- AB InBev 2016 annual report, European divestitures
- AB InBev five-country sale agreement announcement
- Asahi group report on the completed European purchases
- European Commission decision on AB InBev and SABMiller