S KOREA: KKR silent on Oriental Brewery stake sale
Private equity group Kohl Kravis Roberts & Co has declined to comment on a report that it is looking to sell minority stakes in Oriental Brewery, which it agreed to buy from Anheuser-Busch InBev last month.
Kohl Kravis Roberts (KKR) is in advanced talks to sell a minority stake in the South Korean brewer to Affinity Equity Partners, according to a Financial Times article today (4 June), citing people familiar with the situation.
When contacted by just-drinks, KKR declined to comment on the report.
The group agreed to buy Oriental, which is South Korea's second largest brewer behind Hite Brewery, for US$1.8bn from Anheuser-Busch InBev last month.
Earlier this week, KKR reported net losses for 2008 of US$1.9bn, compared to profits of $838m in 2007.
Commenting on the Oriental deal, the firm said that it was the only bidder to gain guarantees from banks on debt financing.
As part of the agreement, A-B InBev will have the option of buying the brewery back in five years.
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