SAB Miller buys into Peroni
Brewing giant, SABMiller, has acquired a majority stake in Italian brewer Birra Peroni.
The precise amount of the stake will be determined on closing of the transaction but will be between 51 and 60 per cent. SABMiller's initial cash investment will be Euro246m, based upon a total enterprise value of Euro563m.
It also has an option to increase its holding in the company to between 80 and 100 per cent over a three to five year period.
Closing of the deal is expected within three weeks.
SABMiller chief executive, Graham Mackay, said: This transaction represents a further step in developing SABMiller's strategy. Italy is one of only two Western European markets to be experiencing real volume growth, at 3 per cent, well ahead of the regional trend.
The group - formed last year when South African Breweries bought US brewing company Miller for $5.6bn - is one of the world's leading brewers, with 188 brewing operations in 24 countries employing over 64,000 people.
Birra Peroni is Italy's second largest brewer, holding a 25.2 per cent share in the Italian beer market, with 2002 revenues of Euro494m.
The company's leading brands include both Peroni and Nastro Azzurro. It also hold a majority stake in a malt production company, Saplo, and owns a chain of Crazy Bull Cafés.
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