UK / IRELAND: A-B InBev completes Tennent's sale to C&C Group
A-B InBev said today (29 September) that it has closed the GBP180m (US$286m) assets sale. Its announcement comes less than a week after C&C Group shareholders approved the deal.
As part of the deal, A-B InBev will retain the right to use the Tennent's Super and Tennent's Pilsner brand names in "certain worldwide geographies".
The sale is part of the Belgium-based brewer's plan to dispose of US$7bn of assets "as quickly as possible", it said. The group achieved more than $3.5bn of disposals in the first six months of 2009 and there is reported in interest in its assets in Eastern Europe, as well as several theme parks owned by A-B in North America.
Ireland-based C&C, which owns Magners cider in the UK and Bulmers in Ireland, hailed the deal as a "long-term play" to expand the company's portfolio.
Net sales for the acquired business were GBP162m in calendar 2008, representing almost a third of C&C Group's own annual sales, which came in at around GBP453m in the year to the end of February.
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