Anheuser-Busch InBev SA/NV entered into an agreement to acquire Oriental Brewery from Kohlberg Kravis Roberts & Co. L.P. and Affinity Equity Partners for an enterprise value of $5.8 billion.
January 19, 2014 at 11:00 pm
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Anheuser-Busch InBev SA/NV (ENXTBR:ABI) entered into an agreement to acquire Oriental Brewery from Kohlberg Kravis Roberts & Co. L.P. (NYSE:KKR) and Affinity Equity Partners for an enterprise value of $5.8 billion on January 20, 2014. Anheuser-Busch is exercising the option to reacquire Oriental Brewery. The agreement returns Oriental Brewery to the AB InBev portfolio, after AB InBev sold Oriental Brewery in July 2009, following the combination of InBev and Anheuser-Busch. After closing of the acquisition, Anheuser-Busch will also receive approximately $320 million in cash, subject to closing adjustments, as part of the 2009 transaction. Anheuser-Busch will draw on existing liquidity to fund the acquisition.
Oriental Brewery will continue to be led by In-soo Chang, Chief Executive Officer and will remain headquartered in South Korea under its current name. Oriental Brewery will become a part of AB InBev's Asia Pacific Zone, led by Zone President Michel Doukeris. The transaction is subject to regulatory approval in South Korea as well as other customary closing conditions, and is expected to close in the first half of 2014. Antonio Weiss and Alexander Hecker of Lazard and Deutsche Bank acted as financial advisors for Anheuser-Busch InBev. Mark Pflug, Katie Sudol, Ian Ho, Matthew Schwartz, Jin Park, Brian Kim, Sinead O'Shea, Jackie Kahng, Katharine Moir, Jason Vollbracht, Devin Heckman, David Vann and Andrea Wahlquist of Simpson Thacher & Bartlett acted as legal advisor for Kohlberg Kravis Roberts. Michael DeSombre, Joonkeun Yoo, Frank Jin, Victoria Yue, Tim Ruan and Frank Aquila of Sullivan & Cromwell acted as legal advisor for Anheuser-Busch InBev. Citi Group, Inc. acted as financial advisor for Kohlberg Kravis and Affinity Equity. Morgan Stanley acted as financial advisor to Kohlberg Kravis Roberts & Co. L.P. and Affinity Equity Partners. Kim & Chang acted as legal advisor to Anheuser-Busch InBev, KKR and Affinity Equity Partners whereas Freshfields Bruckhaus Deringer LLP acted as legal advisor to Anheuser-Busch InBev NV.
KKR & Co. Inc. is an investment company, which offers alternative asset management as well as capital markets and insurance solutions. The Company's asset management business offers a range of investment management services to fund investors around the world. The Company operates through three segments: Asset Management, Strategic Holdings, and Insurance. The Asset Management business offers a range of investment management services to investment funds, vehicles, and accounts (including Global Atlantic) and provides capital markets services to portfolio companies and third parties. The Insurance business is operated by Global Atlantic, which is a United States retirement and life insurance company that provides a suite of protection, legacy and savings products and reinsurance solutions to clients across individual and institutional markets. The Strategic Holdings segment initially represents its participation in the core private equity strategy.
Anheuser-Busch InBev SA/NV entered into an agreement to acquire Oriental Brewery from Kohlberg Kravis Roberts & Co. L.P. and Affinity Equity Partners for an enterprise value of $5.8 billion.
KKR & CO. INC. 
