Here, courtesy of analysts at Nomura, is a list of the purchases made in the global brewing industry between 1999 and last year, along with the EBITDA multiples paid.

Year Acquiror Target EV/EBITDA
2013 Anheuser-Busch InBev Grupo Modelo 11.7x
2013 Constellation Brands Crown Imports 9.3x
2012 Heineken Asia Pacific Breweries 17.1x
2012 AmBev CND 13.1x
2011 SABMiller Anadolu Efes 12.8x
2011 SABMiller Foster's 13.1x
2011 Kirin Schincariol 15.7x
2011 Jinro Hite Brewery 8.1x
2010 Kirin Fraser & Neave 11.4x
2010 Carlsberg Chongquing Brewery 45x
2010 Anadolu Efes Efes Breweries 7.3x
2010 Heineken FEMSA 11.2x
2009 C&C Tennent’s 8.3x
2009 KKR Oriental Brewery 8.6x
2009 Kirin Lion Nathan 12.5x
2008 InBev Anheuser-Busch 12.4x
2008 Anheuser-Busch Grupo Modelo 12.1x
2008 Heineken/Carlsberg Scottish & Newcastle 15.3x
2007 SABMiller Grolsch 14.6x
2006 Sapporo Sleeman Breweries 15.1x
2006 InBev Fujian Sedrin 12.8x
2005 Heineken PIT Ivan Taranov Breweries 18.7x
2005 SABMiller Empresarial Bavaria 10.1x
2004 Coors Molson 10.4x
2004 Anheuser Busch Harbin 18.9x
2004 Interbrew AmBev 11.7x
2004 AmBev Interbrew (Labatt assets) 10.8x
2004 Carlsberg Holsten-Braueri AG 11x
2003 Interbrew Spaten 8.9x
2003 SABMiller Birra Peroni SpA 12.6x
2003 Scottish & Newcastle Central de Cervejas 9.6x
2003 Heineken BBAG (Brau Union) 10.2x
2002 Interbrew Brauergilde Hannover 8.6x
2002 SAB Miller 9.3x
2002 Molson Kaiser 12.8x
2002 Scottish & Newcastle Hartwall 10.1x
2002 Heineken Bravo 13x
2001 Adolph Coors Carling Brewers 9x
2001 SABMiller Cerveceria Hondurena 8.8x
2001 Interbrew Beck’s 12.4x
2000 Carlsberg AS Feldschlosschen 6.9x
2000 Interbrew Bass 9.7x
2000 Interbrew Whitbread 9.7x
2000 Scottish & Newcastle Kronenbourg 11.4x
1999–2005 InBev Sun Interbrew 10.3x
1999 SAB Pilsner Urquell/Radegast 13.9x
1999 Brahma Antartica 8.3x
1999 Heineken Cruzcampo 16.3x