AB InBev completes sale of Distell stake

Anheuser-Busch InBev said on Wednesday that it has completed the sale of its indirect shareholding in South Africa’s Distell Group, the continent’s largest wine and spirits producer to the country’s Public Investment Corporation (PIC), a state owned corporation that manages the government’s Employee Pension Fund.

The financial terms of the deal were not disclosed.

“The sale was required as a condition of the South African Competition Tribunal’s approval on 30 June 2016 of the business combination between AB InBev and SABMiller,” AB InBev said in a statement.

SABMiller held 26.4% stake in Distell prior to the merger with AB InBev.

Distell produces wines, spirits, ciders and ready-to—drink beverages such as Nederburg, Klipdrift, Two Oceans, among others.

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