TOKYO: Japanese beer giant Asahi said Tuesday it would buy the Peroni and Grolsch brands from the world’s top brewer Anheuser-Busch InBev, which it had pledged to sell as part of a tie-up with SABMiller.

Terms of the deal — which also includes UK brand Meantime — were not released, but AB InBev in February said Asahi had offered 2.55 billion euros ($2.8 billion) for the brands.

“This transaction will be completed concurrently with and subject to the completing of AB InBev’s acquisition of SABMiller,” Asahi said in a brief statement, adding that it expected the deal to be completed in the second half of this year.

Last year, AB InBev said it wanted to sell the Italian, Dutch and British brands in order to ease competition concerns and win approval from regulators.

In November, AB Inbev announced it had agreed to take over British rival SABMiller for $121 billion, the third largest acquisition in history, that would make it a juggernaut brewing three times as much beer as its nearest rival.

Japan’s beer and liquor giants including Suntory and Asahi — best known abroad for its Super Dry brand — have been shopping overseas in recent years as they face a shrinking market at home.

– AFP