AB Inbev to sell S.Korean brewery to KKR for 1.35 billion euros

7th May 2009, Comments 0 comments

The Belgian based group will use the money to repay debt incurred in the purchase of Anheuser-Busch.

BRUSSELS - Anheuser-Busch InBev NV said Thursday it would sell its South Korean unit Oriental Brewery to the US investment bank Kohlberg Kravis Roberts for 1.8 billion dollars (1.35 billion euros).

The Belgium-based group, however, said it will still have links with the subsidiary by granting KKR exclusive licenses to distribute certain brands in South Korea including Budweiser, Bud-Ice and Hoegaarden.

Proceeds generated from the divestiture will be used to repay debt incurred during InBev's acquisition of US beer giant Anheuser-Busch in November 2008, the company said in a statement.

Anheuser-Busch InBev also posted Thursday a first quarter net profit of 716 million dollars, nearly doubling the figure from the same period last year when it reported a 373 million dollar gain.


0 Comments To This Article