BRUSSELS (AP) — Anheuser-Busch InBev says it is paying $1.24 billion for a majority stake in Dominican brewer Cerveceria Nacional Dominicana as it pushes deeper into the Caribbean.
AB InBev said Monday it is paying $1 billion to Cerveceria Nacional Dominicana's parent company Grupo Leon Jimenes for a 41.8 percent stake in a holding company that will own 83.5 percent of Cerveceria Nacional Dominicana.
The holding company will also include AB InBev's Dominican subsidiary AmBev Dominicana.
On top of that, it will pay $237 million for Heineken's 9.3 percent stake in Cerveceria Nacional Dominicana, which will leave AB InBev with 51 percent of Cerveceria Nacional Dominicana.
Belgium-based AB InBev says the deal will "create the leading beverage company in the Caribbean." It will sell Cerveceria Nacional Dominicana's popular Presidente beer brand as well as malt and soft drinks.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.