Japan’s Asahi Group Holdings Ltd. (TYO: 2502) said it has reached an agreement with brewing giant Anheuser-Busch InBev (NYSE: BUD) to acquire the Peroni, Grolsch and Meantime brands and related businesses of SABMiller plc (LSE: SAB).
Asahi had made a binding offer in February of 2.55 billion euros (currently $2.88 billion) for the brands. AB InBev is looking to sell the brands to assuage antitrust concerns over its acquisition of rival SABMiller.
Asahi said the deal will be completed “concurrently with and subject to the completion of AB InBev’s acquisition of SABMiller, scheduled to be completed in the second half of 2016.”
Asahi Group Holdings, Ltd. produces beer and other beverages including non-alcoholic drinks. With a 38% market share in 2014, Asahi was the largest of the four major beer producers in Japan, followed by Kirin Beer with 35% and Suntory with 15%. Asahi sells its products in Japan and overseas. The company was founded in 1889 and is based in Tokyo.