AB InBev, the world’s largest brewer is cashing out and deleveraging. It has sold its stake in Distell Group Limited to the Public Investment Corporation.
This is less than 78 hours after the company announced that it sold its CEE Business for USD7.3 billion to Asahi.
In an email statement to PageOne Global Business, AB InBev said it entered into a binding agreement to sell its entire indirect shareholding in Distell Group Limited (“Distell”) to the Public Investment Corporation (SOC) Limited, acting on behalf of the Government Employees Pension Fund.
The stake comprises 58,674,000 ordinary shares or approximately 26.4% of Distell’s issued share capital. As part of its ruling to approve the business combination with SABMiller, the Competition Tribunal required AB InBev to dispose of the Distell Shareholding.
The company said Remgro Limited and Capevin Holdings Limited, who hold pre-emptive rights in relation to the Distell Shareholding, had confirmed that they will not exercise their pre-emptive rights triggered by the Sale. The Sale remains subject to the approval of the South African competition authorities.
AB InBev said it will provide an update in due course. Standard Bank and Deutsche Bank are acting as joint financial advisers to AB InBev in connection with this transaction.
It also disclosed that Webber Wentzel is acting as legal counsel to AB InBev. Deutsche Securities (SA) Proprietary Limited is the JSE sponsor to AB InBev.
