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AB InBev's $107 Billion Acquisition of SABMiller and $12 Billion Agreement with Molson Coors

On November 11, 2015, Anheuser‑Busch InBev and SABMiller plc announced that they have reached agreement on the terms of an acquisition of the entire issued and to be issued share capital of SABMiller by AB InBev, in a transaction valued at approximately US$107.7 billion. Under the terms of the agreement, SABMiller will be acquired by Newco, a Belgian company to be formed for the purpose of the transaction. AB InBev will also merge into Newco and, following the completion of the transaction, Newco will be the new holding company of the combined group.

AB InBev also announced an agreement with Molson Coors Brewing Company regarding a complete divestiture of SABMiller’s interest in MillerCoors LLC, a joint venture in the U.S. and Puerto Rico between Molson Coors and SABMiller, as well as the Miller Beer business internationally. The total transaction is valued at US$12 billion and is conditional on the completion of AB InBev’s acquisition of SABMiller. Upon completion of the transaction, MillerCoors will become a wholly owned subsidiary of Molson Coors.

Cravath is representing AB InBev in connection with these transactions.

The Cravath team includes partners Robert I. Townsend III and Eric L. Schiele and associates Andrew C. Elken and Matthew M. Kelly on M&A; partners Christine A. Varney and Yonatan Even and associate Greg C. Cheyne on antitrust matters; partners Stephen L. Gordon, Lauren Angelilli and Christopher K. Fargo and associates Kara L. Mungovan and Sara L. Lykken on tax matters; partners Stephen M. Kessing and Joseph D. Zavaglia, senior attorney Kimberly A. Grousset and associate Ankur N. Patel on finance matters; and partner David J. Kappos and associates Nicholas A. Jackson and Christopher P. Davis on intellectual property matters. Daniel S. Connelly and Jeremy S. Lerner are also working on M&A matters.