Bud's brewer to buy Asia brewer for $5.8B
A pull of beer sounds the same in the East as in the West. Knowing that, Budweiser's maker, Belgium's AB InBev, said Monday, Jan. 20, 2014 that it has agreed to repurchase South Korea's Oriental Breweries from private equity firms for $5.8 billion. Credit: AP, 2010
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.
Out East with Doug Geed: Wine harvests, a fish market, baked treats and poinsettias NewsdayTV's Doug Geed visits two wineries and a fish market, and then it's time for holiday cheer, with a visit to a bakery and poinsettia greenhouses.
Out East with Doug Geed: Wine harvests, a fish market, baked treats and poinsettias NewsdayTV's Doug Geed visits two wineries and a fish market, and then it's time for holiday cheer, with a visit to a bakery and poinsettia greenhouses.
