AB InBev to reacquire minority stake in US metal container plants for US$3B
The brewer says the deal will strengthen supply security and is expected to be earnings per share accretive.
USA – Global brewing giant Anheuser-Busch InBev has announced plans to reacquire a minority stake in several US-based metal container manufacturing plants, reversing a deal completed four years ago.
In a statement issued on 6 January, the Budweiser owner said it intends to buy back a 49.9% stake in the facilities for approximately US$3bn from a group of institutional investors led by private-equity firm Apollo Global Management.
AB InBev originally sold the same stake to the Apollo-led consortium in 2021 for $3bn, while retaining operational control of the plants.
The brewer said the transaction is expected to be “EPS accretive” and is anticipated to close in the first quarter of this year, subject to customary conditions.
According to AB InBev, the metal container operations include seven plants across six US states. The company described the facilities as a critical part of its supply chain and broader business strategy.
“The facilities are a strategic component of our business, ensuring quality, cost efficiency, speed of innovation and supply security for our brands, while providing industry-leading manufacturing jobs and driving economic growth in communities across the US,” the company said in its statement.
Commenting on the announcement, Bernstein analyst Trevor Stirling said the move was “more akin to a debt repurchase,” reflecting the financial structure of the original transaction.
In a note to clients, Stirling added: “The agreement today is earnings enhancing, but it will make a modest dent in the rate at which they will delever in 2026; or put it another way it will modestly reduce the scale of the future buybacks.”
The announcement follows recent changes to AB InBev’s US brewing footprint. In December, the Stella Artois and Michelob Ultra owner revealed plans to close two breweries and sell another as part of a broader operational review.
At the time, the company confirmed it would shut facilities in Fairfield, California, and Merrimack, New Hampshire, and sell its Newark, New Jersey brewery to property group Goodman Group. Around 475 employees were expected to be affected by the changes.
A company spokesperson said all impacted staff would be supported through redeployment opportunities. The spokesperson stated the group would offer affected workers “a full-time role elsewhere in our US operations.”
Production from the three sites was expected to be transferred to other AB InBev breweries in the US. “These changes will enable us to invest even more in our remaining operations and in our portfolio of growing, industry-leading brands,” the spokesperson added.
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