Anheuser-Busch InBev SA/NV
Acquisitions
6
Major Deals Covered
$195.4B
Disclosed Deal Value
AB InBev's largest disclosed acquisition here is SABMiller for $114B in 2016. This page covers 6 major deals from 2008 to 2026, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| Anheuser-Busch | 2008 | $54.8B | InBev acquired Anheuser-Busch to add Budweiser, Bud Light and a leading U.S. business to its European and Latin American operations. |
| Grupo Modelo | 2013 | $20.1B | AB InBev combined with Grupo Modelo to own Corona, Modelo Especial, Victoria and Pacifico and lead the Mexican beer market. |
| Oriental Brewery | 2014 | $5.8B | AB InBev bought back South Korea's Oriental Brewery, maker of Cass, from KKR and Affinity Equity Partners. |
| SABMiller | 2016 | $114.0B | AB InBev combined with SABMiller to expand in Africa, Latin America and other markets where SAB was strong. |
| Craft Brew Alliance | 2020 | $200.0M | AB InBev bought the remaining 68.8% of Craft Brew Alliance (Kona, Redhook, Widmer Brothers) to take full control. |
| BeatBox Beverages | 2026 | $490.0M | AB InBev acquired 85% of BeatBox, a U.S. ready-to-drink alcohol brand, to expand its Beyond Beer portfolio. |
2026
$490M
AB InBev acquired 85% of BeatBox, a U.S. ready-to-drink alcohol brand, to expand its Beyond Beer portfolio.
The purchase price is up to about $490 million, with a path to 100% ownership after five years under a predetermined pricing formula.
The deal was announced on 5 December 2025 and closed on 27 February 2026.
2020
$200M
AB InBev bought the remaining 68.8% of Craft Brew Alliance (Kona, Redhook, Widmer Brothers) to take full control.
Net consideration was about $0.2 billion, according to AB InBev's Form 20-F.
Craft Brew Alliance's brands were folded into Anheuser-Busch's U.S. portfolio.
2016
$114.0B
AB InBev combined with SABMiller to expand in Africa, Latin America and other markets where SAB was strong.
Regulators required divestitures, including SABMiller's stake in MillerCoors (sold to Molson Coors) and several European brands (sold to Asahi).
The deal added heavy debt; AB InBev halved its 2018 dividend and sold assets in 2019-2020 to deleverage.
2014
$5.8B
AB InBev bought back South Korea's Oriental Brewery, maker of Cass, from KKR and Affinity Equity Partners.
The deal returned AB InBev to the South Korean beer market it had left when it sold OB in 2009.
OB is part of Budweiser APAC, which AB InBev listed in Hong Kong in 2019.
2013
$20.1B
AB InBev combined with Grupo Modelo to own Corona, Modelo Especial, Victoria and Pacifico and lead the Mexican beer market.
To win U.S. approval, Modelo's U.S. business and perpetual U.S. brand rights were sold to Constellation Brands for about $4.75 billion.
AB InBev reached about 95% ownership in 2013 and acquired the remaining shares in a tender offer completed in August 2015.
2008
$54.8B
InBev acquired Anheuser-Busch to add Budweiser, Bud Light and a leading U.S. business to its European and Latin American operations.
The combined company took the name Anheuser-Busch InBev; AB InBev's Form 20-F values the offer at $54.8 billion.
The U.S. business is now AB InBev's North America segment, run from St. Louis.
AB InBev's strategy has three pillars: lead and grow the beer category, digitize and monetize its ecosystem, and optimize the business. In practice that means pushing Corona, Stella Artois and Michelob Ultra outside their home markets, expanding no-alcohol beer led by Corona Cero, building Beyond Beer brands (Cutwater, Nutrl, Brutal Fruit, Flying Fish, BeatBox), and adding third-party products and financial services to BEES. Acquisitions are now smaller: the largest recent deal was the 85% BeatBox stake for up to about $490 million, closed in February 2026.
AB InBev brews and sells beer and other malt beverages in five reporting regions: North America, Middle Americas, South America, EMEA and Asia Pacific. Mainstream beer brought in about 50% of FY2025 revenue, above-core (premium) beer 35% and Beyond Beer 3%. Most products reach retailers and bars through company-owned or independent wholesalers; outside the U.S. a large share of orders now runs through BEES, which captured 72% of revenue digitally in FY2025. BEES Marketplace also sells third-party goods to the same retailers ($3.5 billion of GMV in FY2025). Growth comes from pricing and mix: revenue per hectoliter rose 4.4% in FY2025.
AB InBev's largest deal was its combination with SABMiller, completed on 10 October 2016 and valued at a gross purchase consideration of $114 billion.
InBev completed its acquisition of Anheuser-Busch in November 2008. AB InBev's Form 20-F values the offer at $54.8 billion.
In 2013 AB InBev completed its combination with Grupo Modelo in a transaction valued at $20.1 billion, reaching about 95% ownership; it bought the remaining shares in a tender offer completed in August 2015.
To win European approval for the SABMiller deal, AB InBev sold Peroni, Grolsch and Meantime to Asahi and agreed to sell SABMiller's Central and Eastern European businesses, including Pilsner Urquell, to Asahi for ~$8.25 billion (EUR 7.3 billion).
AB InBev completed the $5.8 billion purchase of South Korea's Oriental Brewery, maker of Cass, on 1 April 2014, five years after selling it to KKR and Affinity Equity Partners.
AB InBev buys smaller craft and ready-to-drink brands and puts them into its distribution network. Recent deals include the remaining 68.8% of Craft Brew Alliance in 2020 and 85% of BeatBox, closed in February 2026 for up to about $490 million.
Interbrew acquired Munich's historic Spaten-Franziskaner-Löwenbräu Group in 2003, integrating classic Bavarian wheat beers and lagers into its European distribution portfolio.
After major deals AB InBev has combined overhead and procurement, expanded acquired brands such as Corona into export markets, and sold assets to reduce debt, as it did after SABMiller.
AB InBev acquired SABMiller for over $100 billion in 2016, cementing its status as the undisputed global leader in brewing.
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