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Anheuser-Busch InBev and CVC sell Central European operations

Anheuser-Busch InBev and CVC Capital Partners have completed the sale of AB InBev’s Central European operations to funds advised by CVC for an enterprise value of approximately USD2.2bn.

Additional rights to a future payment are estimated to be as much as USD800m, contingent on the CVC funds’ return on their initial investment.

Included in the sale are AB InBev’s operations, to be renamed StarBev, in Bosnia-Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, Romania, Serbia and Slovakia.

As part of the agreement, StarBev will brew Stella Artois, Beck’s, Löwenbräu and Spaten and distribute Hoegaarden and Leffe in the above countries under license from AB InBev. AB InBev will continue to brew Staropramen in Russia and Ukraine and to distribute it in several other countries including the US, Germany and the UK.

Barclays Capital and Lazard acted as financial advisers to AB InBev and Clifford Chance acted as legal adviser. Freshfields acted as legal counsel to CVC.

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