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Asahi Group Holdings Ltd. is paying a hefty premium for the business that owns Czech lager Pilsner Urquell, extending a pricey deal-making spree by Japanese companies eager to find new growth overseas.

The company’s bid for SABMiller Plc’s eastern European assets beat the next-highest offer by about €800 million ($834 million), people familiar with the matter said, asking not to be identified because the process was private.

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