Debt-laden Anheuser-Busch InBev agrees sale of Australian unit to Japan’s Asahi via reutersPhilB
) for $11 billion and could revive the stalled flotation of its Asian business as it looks to cut debt.
The sale comes only a week after AB InBev shelved an initial public offering to sell a 15% stake in its Asian operations, including Australia, citing factors including unfavorable market conditions. AB InBev, which had billed the IPO as a means to drive regional consolidation, said the Australia sale would help it to accelerate expansion into other fast-growing markets in the region and globally.
AB InBev shares were up 4.3% at 1025 GMT, among the strongest performers on the FTSEurofirst 300 indexThe brewer’s net debt totaled $102.5 billion at the end of 2018 and its net debt to core profit ratio was at 4.6 times. It has pledged to reduce that to less than four times EBITDA by the end of 2020 and has a long-term target of two times EBITDA.
Asahi said the deal would be debt-free and it will issue up to 200 billion yen of shares to fund the acquisition.
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