According to The Australian Financial Review, iconic local beer company Carlton and United Breweries will be sold to Asahi Group Holdings for $16 billion, meaning Japanese drinks giants will soon own both of Australia's major brewers.
CUB is the Australian subsidiary of Anheuser-Busch InBev, the world's biggest beer company and brews beers such as Melbourne Bitter, Victoria Bitter and Carlton Draught.
The $16 billion sale is expected to be finalised by the first quarter of 2020, according to a statement from AB InBev. The sale price represents an implied multiple of 14.9 times earnings before interest, tax, depreciation and amortisation, suggesting CUB's underlying trading profits were in the order of $1 billion.
Japanese companies now own both of Australia's major brewers. Kirin purchased Lion, brewer of XXXX and Toohey's, in 2009.
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