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BRIEF-AB InBev Sells Carlton & United Breweries To Asahi Group Holdings

Published 19/07/2019, 04:06 pm
© Reuters.  BRIEF-AB InBev Sells Carlton & United Breweries To Asahi Group Holdings
ABI
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July 19 (Reuters) - Anheuser Busch InBev SA ABI.BR :

* ANHEUSER-BUSCH INBEV AGREES TO SELL CARLTON & UNITED BREWERIES TO ASAHI GROUP HOLDINGS, LTD

* ALL OF PROCEEDS FROM DIVESTITURE OF AUSTRALIAN BUSINESS WILL BE USED BY COMPANY TO PAY DOWN DEBT

* AB INBEV'S COMMITMENT TO REACH A NET DEBT TO EBITDA TARGET RATIO OF BELOW 4X BY END OF 2020 IS NOT DEPENDENT ON COMPLETION OF THIS TRANSACTION

* CARLTON & UNITED BREWERIES (CUB) SOLD FOR AUD 16.0 BILLION

* SELLING PRICE IS IN ENTERPRISE VALUE

* TRANSACTION REPRESENTS AN IMPLIED MULTIPLE OF 14.9X 2018 NORMALIZED EBITDA

* TRANSACTION IS EXPECTED TO CLOSE BY THE FIRST QUARTER OF 2020.

* AB INBEV WILL GRANT ASAHI GROUP HOLDINGS, LTD. RIGHTS TO COMMERCIALIZE PORTFOLIO OF AB INBEV'S GLOBAL AND INTERNATIONAL BRANDS IN AUSTRALIA

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