ABInBev repurchases Oriental BreweriesJanuary 20, 2014 @ 7:08 am
AMSTERDAM (AP) - Belgium's AB InBev, the maker of Budweiser, says it has agreed to repurchase South Korea's Oriental Breweries from private equity firms for $5.8 billion.
InBev never really wanted to part with the leading South Korean brewer, but decided to sell it in 2009 to KKR and Affinity Equity Partners for $1.8 billion, as part of a strategy to reduce debt during the financial crisis. The deal has proved highly lucrative for the private equity firms.
Oriental Breweries is known for the Cass brand, South Korea's biggest seller. InBev said Oriental Breweries had around $500 million in core operating profits in 2013.
(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
Our phones entertain us, inform us and now might protect us
Pumpkin-flavored items are coming to store shelves whether it's fall or not
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.