The Public Investment Corporation, which invests state-employee pension funds, will buy global brewer Anheuser-Busch InBev’s stake in Distell.
AB InBev bought SABMiller for $103bn, expanding its global footprint, but as part of the takeover it has had to relinquish a number of brands because of competition concerns and obligations.
One of the stipulations set by SA’s Competition Tribunal was the sale of the stake in Distell.
On Thursday, the brewery said it had entered a binding agreement to sell its entire indirect shareholding of 26.4% in Distell to the PIC, which manages the investments of the Government Employees Pension Fund.
The deal is contingent on the competition authorities approving the transaction.
No price was given for the sale of the 58.7-million shares over which the other shareholders in Distell, namely Remgro and Capevin Holdings, will not exercise their pre-emptive rights.
AB InBev has sold brands in China, central and eastern Europe as it digested the takeover. Bloomberg has reported these sales will contribute towards paying down net debt, which analysts have pegged at about $97bn this year.
The sale of SABMiller’s 49% share in China Resources Breweries realised $1.6bn and the sale of central and east European breweries to Japan’s Asahi Group would fetch $7.8bn.