Anheuser-Busch InBev has sold a 49.9% stake in its canmaking business to an investment firm for about $3 billion in cash.
The transaction will keep operational control of the can plants in A-B’s hands, while ensuring a sufficient supply of metal packaging. In addition, A-B will have an option to buy back the stake after five years.
The sale is to Apollo Global Management, which describes itself as “a leading global alternative investment manager.” Apollo said in a statement that the purchase “presents a unique opportunity to invest in high-quality assets with long-term, stable cash flows alongside the world’s leading brewer.”
The move is a way for A-B to raise cash, which it needs after the debt it incurred with the 2016 purchase of SABMiller. A-B has resorted to raising money from its packaging plants before, with a 2009 sale of four can and lid plants to Ball Corp.