Anheuser-Busch InBev NV said in a statement Friday it had agreed to sell its Australian operations to Asahi Group Holdings Ltd. for an enterprise value of 16 billion Australian dollars (¥1.2 trillion), and that it is still considering reviving an initial public offering for its Asian subsidiary.
The sale to Tokyo-based Asahi is expected to conclude by the first quarter of 2020, the statement issued by the Belgian company said. Carlton & United Breweries, whose brands include Foster's and Victoria Bitter, accounts for almost half the beer market in Australia. AB InBev shares rose as much as 4.1 percent.
The deal gives Asahi a major foothold in Australia, furthering its strategy to build a global presence. It also represents a major shift in AB InBev's position in Asia. Last week the company pulled a planned IPO of its regional operations that had aimed to raise as much as 9.8 billion U.S. dollars (¥1.06 trillion). Proceeds were to be used to reduce the company's $100 billion-plus in borrowings.