IFLR1000

Anheuser-Busch InBev $108 billion acquisition of SABMiller

28/9/2016
Acquisition finance, Public acquisition
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$ 108 billion

Completed

28/9/2016

Overview:

  • Anheuser-Busch InBev (AB InBev) has acquired SABMiller in a deal valued over $100 billion.
  • Shareholders voted through the deal in September 2016.
  • The combined company will just be known as Anheuser-Busch InBev and will begin trading on October 11. It will have over 27% of the global beer market.
  • The size of the deal meant that the company had to shed many existing brands such as Miller, Grolsh and Peroni. The interest in MillerCoors was sold to Molson Coors, while European brands Grolsch and Peroni were sold to Asahi Group.
  • The deal is being financed in part through a $75 billion loan facility provided by Banco Santander, Bank of America Merrill Lynch, Bank of Tokyo-Mitsubishi, Barclays, BNP Paribas and Deutsche Bank.
  • Santo Domingo Group and Altria Group are significant shareholders in SABMiller.
  • Lazard acted as the lead financial adviser to AB InBev.

Sam Duke - Editor

 

Read further analysis of this deal on IFLR.com 

Jurisdictions:

United States
Belgium
United Kingdom

Deal types:

Acquisition finance
Public acquisition

Practice area:

M&A

Industry sector:

Food and beverage

Firms:
A&O Shearman

Party: Banco Santander (Lender)

Party: Bank of America Merrill Lynch (Lender)

Party: The Bank of Tokyo Mitsubishi (Lender)

Party: Barclays (Lender)

Party: BNP Paribas (Lender)

Party: Deutsche Bank AG Na ON (Lender)

Lawyers: Dirk Meeus, Filip Tanghe, Nicholas Clark, Richard Hough

Cleary Gottlieb Steen & Hamilton

Party: SABMiller (Seller)

Party: Molson Coors (Acquirer)

Clifford Chance

Party: Anheuser-Busch InBev (Borrower, Seller)

Lawyer: Peter Dahlen

Cravath Swaine & Moore

Party: Anheuser-Busch InBev (Acquirer)

Lawyers: Joseph Zavaglia, Stephen Kessing

Davis Polk & Wardwell

Party: Lazard (Financial adviser)

Lawyers: Nick Benham, Phillip Mills, Phillip Mills, Will Pearce

Eubelius

Party: BevCo (Shareholder)

Lawyer: Matthias Wauters

Freshfields Bruckhaus Deringer

Party: Anheuser-Busch InBev (Acquirer)

Herbert Smith Freehills

Party: BevCo (Shareholder)

Hogan Lovells

Party: SABMiller (Seller)

Kirkland & Ellis

Party: Molson Coors (Acquirer)

Lawyers: Christian Nagler, Christopher Butler, Jonathan Davis, Jon-Micheal Wheat

Linklaters

Party: SABMiller (Seller)

Macfarlanes

Party: Altria Group (Shareholder)

Simont Braun

Party: EPS Participations (Shareholder)

Simpson Thacher & Bartlett

Party: Santo Domingo Group (Shareholder)

Lawyers: Alan Klein, Jonathan Lindabury, Kirsten Davis

Stibbe

Party: BRC (Shareholder)

Lawyers: Jaap Willeumier (retired), Marc Fyon

Sullivan & Cromwell

Party: Anheuser-Busch InBev (Acquirer)

Lawyers: Frank Aquila, George White

Wachtell Lipton Rosen & Katz

Party: Altria Group (Shareholder)

Lawyer: Andrew Nussbaum

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