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Anheuser Busch Inbev SA Agrees to Transfer 50% of Joint Venture Between Constellation Brands Inc and Grupo Modelo SA to Constellation Brands Inc in Connection with Acquisition of Grupo Modelo SA


Thursday, 14 Feb 2013 02:00am EST 

Grupo Modelo SAB de CV (Modelo) announced that on February 14, 2014 Anheuser Busch Inbev SA (InBev) and Constellation Brands Inc (Constellation) reached agreement that establishes Crown Imports as the producer and marketer of beer in the United States through a complete divestiture of Modelo’s United States business. Crown Imports was a joint venture between Modelo and Constellation. The transaction establishes Crown as a fully owned entity of Constellation, and provides Constellation with independent brewing operations, Modelo’s full profit stream from all United States sales and rights in perpetuity to the Modelo brands distributed by Crown in the United States. As part of InBev’s acquisition of the 50% of Modelo it does not already own, InBev has agreed to sell Compania Cervecera de Coahuila, Modelo’s state-of-the-art brewery in Mexico, and grant perpetual brand licenses to Constellation for USD 2.9 billion, subject to a post-closing adjustment. This price is based on an assumed 2012 EBITDA of USD 310 million earned from manufacturing and licensing the Modelo brands for sale by the Crown joint venture, with an implied multiple of approximately nine times. InBev and Constellation have agreed to a three-year transition services agreement to ensure the smooth transition of the operation of the world-class brewery. 

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9 Sep 2014