AB InBev completed its acquisition of SABMiller in October. South Africa’s Competition Commission had approved the acquisition with conditions: one of which was that AB InBev would sell SABMiller’s shareholding in Distell within three years.
The stake comprises 58,674,000 ordinary shares or approximately 26.4% of Distell’s issued share capital.
AB InBev has not disclosed the value of the deal, although Reuters values the stake at around ZAR9bn ($645m) according to the closing price on Wednesday 14 December.
The sale of the Distell stake remains subject to the approval of the South African competition authorities.
Earlier this week, AB InBev announced it would sell the former SABMiller businesses in central and eastern Europe, including Pilsner Urquell, to Japan’s Asahi for €7.3bn ($7.75bn). As with the Distell shareholding, AB InBev had agreed earlier this year to sell the businesses in order to help gain regulatory approval (in this case from the European Commission).
Megabrew divestments
SABMiller brands Peroni, Grolsch and Meantime to be sold to Asahi (agreed April 2016).
SABMiller’s stake in China Resources Snow Breweries (the company behind the world’s top selling beer brand Snow) to be sold to China Resources Beer, with the latter gaining full ownership of Snow (announced March 2016).
SABMiller’s stake in MillerCoors to be sold to Molson Coors, with the latter gaining full control of operations (announced November 2015).
SABMiller businesses in Poland, Czech Republic, Slovakia, Hungary and Romania to be sold to Asahi for €7.3bn / $7.75bn (announced December 2016).
SABMiller shareholding in Distell to be sold to Public Investment Corporation Ltd in South Africa (announced December 2016).