San Miguel Brewery has completed a deal to acquire the international brewing arm of parent firm, San Miguel Corporation, for US$300m.

San Miguel Corp, which retains a 52% stake in Philippines-based San Miguel Brewery (SMB), announced that the deal has gone through.

The other 48% of SMB is owned by Japan’s Kirin Holdings, which moved in on the brewer last year as part of its plan to expand its beer sales footprint across the Asia-Pacific region.

“Through this transaction, SMB will acquire a platform for its beer business in Southeast Asia with high growth potential, and will obtain rights on the international San Miguel brand in certain countries,” said Kirin, when the deal was originally announced in December 2009.

San Miguel Brewing International reported sales of US$283m and operating profits of $2m in 2008. It has six breweries, in China, Hong Kong, Indonesia, Vietnam and Thailand.

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