Simpson Thacher Represents KKR and Affinity Equity Partners in US$5.8 billion Sale of Oriental Brewery to Anheuser-Busch InBev
01.22.14
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The Firm is representing KKR and Affinity Equity Partners (“Affinity”) in connection with the announced agreement whereby Anheuser-Busch InBev (“AB InBev”) will reacquire Oriental Brewery (“OB”) from KKR and Affinity. AB InBev originally sold OB in July 2009, a transaction in which the Firm represented KKR. The enterprise value for the transaction is US$5.8 billion, and as a result of an agreement entered into with KKR and Affinity in 2009, AB InBev will receive approximately US$320 million in cash at the closing of this transaction, subject to certain closing adjustments.
OB is the leading brewer in South Korea, and manufactures and distributes brands such as Cass, the number one beer brand in South Korea, and also has an exclusive license to distribute select AB InBev brands in South Korea such as Budweiser, Corona and Hoegaarden.
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.
The Simpson Thacher team includes Mark Pflug, Katie Sudol, Ian Ho and Matthew Schwartz (M&A – Hong Kong); Jin Park and Brian Kim (M&A); Jackie Kahng (Financing); Jason Vollbracht and Devin Heckman (Tax); and David Vann (Regulatory).