Deals
Asahi to Sell Its Stake in China's Tsingtao for $941 Million
- Fosun Group to buy bulk of 20% stake, Tsingtao purchasing rest
- Acquisition gives Fosun access to wealthy Chinese consumers
Photographer: Nelson Ching/Bloomberg
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Asahi Group Holdings Ltd. agreed to place its stake in Tsingtao Brewery Co. back into Chinese hands, selling its holding to conglomerate Fosun Group and the local brewer for about $941 million.
Asahi is selling its 20 percent holding in China’s third-largest brewer for HK$27.22 a share, the Japanese company said in a statement Wednesday. That’s a 32 percent discount to today’s closing price of HK$40 a share. Fosun will pay about $847 million for an 18 percent stake while Tsingtao will pay approximately $94 million for the rest.