Japanese brewer Asahi Group Holdings Ltd. will buy Australian Carlton & United Breweries (CUB) for 1.2 trillion yen ($11 billion) from its Belgian parent company Anheuser-Busch InBev, the Australian company said Friday.
Asahi, the parent company of Asahi Breweries Ltd., aims to boost its group's overseas business to make up for falling demand in the domestic market through the company's biggest-ever acquisition.
CUB, Australia's leading brewer, is known for brands such as Victoria Bitter and Carlton Draught.
Japanese brewers are looking to overseas rivals as the Japanese market for alcohol has been shrinking due to a graying and declining population.
Suntory Holdings Ltd. purchased U.S. distiller Beam Inc. for $16 billion in 2014.
The Japanese brewer already bought more than ten companies in Europe from Anheuser-Busch InBev between 2016 and 2017 for nearly 1.2 trillion yen in total, including the breweries of Italy's Peroni and the Czech Republic's Pilsner Urquell brands.
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