December 23, 2020

Milbank Advises Apollo Global Management-led Consortium on Strategic Investment in Anheuser-Busch InBev


Milbank LLP is advising accounts and entities advised by Apollo Global Management and its subsidiaries (collectively “Apollo”) and a group of institutional investors entering into a strategic relationship with Anheuser-Busch InBev SA/NV (“AB InBev”) to acquire a 49.9% stake in Anheuser-Busch InBev’s US-based metal container plants for approximately US$3 billion.

For Apollo, the transaction presents a unique opportunity to invest in high-quality assets with long-term, stable cashflows alongside the world’s leading brewer, AB InBev. Apollo is leveraging its expertise across its integrated investment platform to help AB InBev optimize its assets and unlock shareholder value amid a complex market environment.

AB InBev will retain operational control of its US-based metal container plants and flexibility in its ability to serve its customers and consumers. A long-term supply agreement will provide for AB InBev’s metal container supply needs over the course of the relationship. In addition, AB InBev will have the right, but not the obligation, to reacquire the minority stake beginning on the fifth anniversary of the close of the transaction, at pre-determined financial terms. 

The Milbank team was led by Global Corporate partner John Franchini and Global Project, Energy and Infrastructure Finance partner Dan Michalchuk, along with Global Corporate associates Aaron Stine, Daniel Tyrrell, Gabrielle DiBernardi and Flora Gonzalez and Global Project, Energy and Infrastructure Finance associates Sean O'Neill, Leila Ravi, Ryan Harman and Guy Waldron. The team also included Tax partners Eschi Rahimi-Laridjani and Max Goodman and associate Michael Rivkin, Executive Compensation and Employee Benefits partner Joel Krasnow, Technology partner Nicholas Smith, and Intellectual Property associate Javier Ramos.