The sale of South Korea's Jinro to a group fronted by Hite Brewery has finally gone through. The transaction, which values the liquor company at US$3.4bn, was completed today (3 June). The acquisition is expected to provide Hite, which is 25%-owned by Carlsberg, with a dominant position in both beer and soju markets in South Korea.

In a statement, Hite said today: "Of the KRW3.41 trillion offer, KRW3 trillion will be used to pay off debt and the remainder will be spent on helping normalise Jinro's operation." The brewer plans to list Jinro on local and overseas exchanges by 2007, although no further details were provided.

A review deadline of mid-August has been set for South Korea's antitrust body to approve the deal.

The liquor distiller was placed in court receivership in May 2003, after it made massive losses from retail and construction investments.