US/MEXICO: Anheuser-Busch InBev agrees to buy remaining Grupo Modelo stake for US$20bn
Grupo Modelo has agreed to sell to A-B InBev
Under the deal, announced this morning (29 June), A-B InBev will pay US$9.15 per share in cash. Separately, Grupo Modelo will sell its 50% stake in Crown Imports LLC to Constellation Brands for US$1.85bn.
Grupo Modelo's name will be retained and its headquarters will remain in Mexico City, A-B InBev confirmed. The Budwesier brewer said it expected the combination to yield annual synergies of "at least US$600m".
Carlos Brito, A-B InBev's CEO, said: “There is tremendous opportunity from combining two leading brand portfolios and further expanding Grupo Modelo’s brands worldwide through AB InBev’s extensive global distribution network."
Carlos Fernández, Grupo Modelo's chairman and CEO said today: “We have worked together with Anheuser-Busch InBev in a productive decades-long partnership, and it is time to cement our relationship through this merger.”
The deal is expected to complete in the first quarter of 2013.
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