(RTTNews) - Asahi Group Holdings Ltd (ASBRF.PK) announced Wednesday that Asahi Beverages Pty Ltd has agreed to divest part of its alcohol brands to Dutch brewer Heineken Holding N.V. (HKHHF.PK). The financial terms of the deal were not disclosed.
The Beer And Cider brands are owned or licensed by Carlton & United Breweries or CUB. These include Strongbow, Little Green and Bonamy's, plus Stella Artois and Beck's.
The sale is part of the process under the resolution of issues approved by the Australian Competition and Consumer Commission or ACCC for the acquisition of the CUB business from Anheuser-Busch InBev.
In April, Australia's competition regulator had said that it would not oppose Asahi Group's proposed acquisition of CUB from Anheuser-Busch InBev, as Asahi agreed to divest two of its beer brands and three of its cider brands.
In December 2019, the regulator had raised concerns over Asahi's proposed $11 billion acquisition of CUB business.
Asahi now said the completion of the sale to Heineken is subject to approval by the ACCC and the Foreign Investment Review Board of Australia and is expected to be approved by the end of 2020.
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