AB InBev to sell SABMiller's stake in Snow beer for €1.47bn

The Chinese brew is the world's best-selling beer...

AB InBev to sell SABMiller's stake in Snow beer for €1.47bn

Mark Schiefelbein / AP

Anheuser-Busch InBev (AB InBev) is set to sell SABMiller's stake in China Resources Snow Breweries (CR Snow).

SAB's 49% stake will be sold to China Resources Enterprises which is a joint-venture with CR Snow which already owns the other 51%.

The deal, worth €1.47bn will mean that the brand will now be owned by a single company. Snow larger is the world's best-selling beer, 18 billion pints are sold every year - the total amount of beer sold in the UK is 45 million hectolitres.

In a filing in Hong Kong the state-backed China Resources Enterprises said that it had reached a deal with AB InBev.

However, it is still subject to approval by regulators and the finalising of the AB InBev-SABMiller acquisition.

The sale of the Snow stake is expected to help AB inBev to win the favour of Chinese regulators as it looks to complete its takeover of SAB Miller, which was agreed in November 2015.

AB InBev has already agreed to sell SAB's stake in MillerCoors, its Peroni, Grolsch and Meantime brands.