Brewing giant AB InBev has bought back partial ownership of its US can-making business, paying about $3 billion (€2.56 billion) for a 49.9% stake held by investors led by Apollo.
The world's largest brewer said the deal will be paid fully in cash and is expected to be completed before the end of this quarter. The buy-back uses an option agreed in December 2020, when AB InBev sold the minority stake during the Covid-19 crisis to raise cash.
At the time, the group was under pressure to cut its heavy debt, which had risen after the largely debt-funded takeover of SABMiller in 2015. Debt stood at $87 billion in 2020 and was worrying analysts.
AB InBev's finances have since improved. Net debt fell to about $68 billion by the end of the first half of 2025, with its debt ratio at 3.3 times earnings, down from 4.9 times in 2020.
While this is still above the company's long-term target, the brewer has increased dividends and launched a share buy-back.
The US can business includes seven factories across six states and is seen as a key part of AB InBev's operations. It is unclear how much profit Apollo made from the investment.
