Dive Summary:
- SABMiller, brewers of Miller, Peroni, Grolsch and many others, have announced plans to acquire Kingway Brewery through their joint venture in the region.
- CR Snow, the joint venture between SABMiller and China Resources Enterprise, is looking to expand in the fastest growing regions in China, seeing its capacity rise by 8.5% with the acquisition.
- The deal, as it stands now, is set at $863 million for 7 breweries in total.
From the article:
It has been reported that SABMiller is to expand further into high growth regional markets in China after a local joint venture agreed to buy Kingway Brewery assets for 5.38 billion yuan ($863m).
According to Reuters, CR Snow, a brewing joint venture between SABMiller and conglomerate China Resources Enterprise (0291.HK), will see its capacity rise 8.5% with the acquisition of seven breweries that Kingway put up for sale early last year.
