U.S. approves Anheuser-Busch deal to buy Craft Brew Alliance
By Diane Bartz
WASHINGTON, Sept 18 (Reuters) - The U.S. Justice Department said on Friday it approved Anheuser-Bush's ABI.BR plan to buy the shares of Craft Brew Alliance BREW.O that it does not already own.
The $220 million deal, which was announced in November, was approved on condition the companies sell Craft Brew Alliance's Kona brand beer.
The Portland-based CBA's other brands include Appalachian Mountain Brewery, Cisco Brewers, Redhook Brewery and Widmer Brothers Brewing.
Anheuser-Busch owned 31.2% of CBA before the deal was announced, and also distributed many of CBA's brands.
"CBA’s diverse portfolio of national lifestyle brands and award-winning regional breweries are an excellent complement to our family of craft partners," said Marcelo Michaelis, president of ABI's Brewers Collective business unit.
The companies said in a release that closing was expected "in the coming weeks."
(Reporting by Diane Bartz Editing by Chris Reese and Tom Brown)
((Diane.Bartz@thomsonreuters.com; 1 202 898 8313;))
Latest Markets Videos
- Tesla removed from S&P 500 ESG index on autopilot, discrimination concerns
- US STOCKS-Wall Street ends sharply lower as Target and growth stocks sink
- Powell says Fed to 'keep pushing' rates higher until clear inflation is falling
- Fed could cut rates in 2023, 2024 once inflation under control -Bullard