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 |
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