Anheuser-Busch InBev NV said Thursday it would sell its South Korean unit Oriental Brewery to the US private equity firm Kohlberg Kravis Roberts for 1.8 billion dollars (1.35 billion euros).
The Belgium-based group said the sale was part of its plans to sell seven billion dollars in assets to pay down debts accumulated in InBev's takeover of Anheuser-Busch last November.
Anheuser-Busch InBev said it will still have links with the subsidiary by granting KKR exclusive licenses to distribute certain brands in South Korea including Budweiser, Bud-Ice and Hoegaarden.
The group, whose flagship beer brands include Budweiser, Stella Artois and Beck's, said that it expected to book a capital gain of about 500 million dollars.
Anheuser-Busch InBev was created last year when InBev bought US brewing giant Anheuser-Busch for 52 billion dollars in what was the biggest corporate takeover worldwide last year.
"We continue to be very focused on integrating the Anheuser-Busch business and de-leveraging the company," chief executive Carlos Brito said in a statement.
"At the same time, we remain committed to investing significant financial and marketing resources on our focus brands to drive sustained profitable growth," he added.
Anheuser-Busch InBev also posted Thursday a first quarter net profit of 716 million dollars, nearly doubling the figure from the same period last year when it reported a 373 million dollar gain.
Source: AFP Asian Edition
