Budweiser maker Anheuser-Busch InBev (BUD) continued its craft-brewing spree in its own Belgian backyard as it nears the finish line on its £79 billion ($105.49 billion) acquisition of U.K. peer SABMiller (SBMRY)
In Belgium, AB InBev agreed to buy Bosteels from the eponymous family that founded the brewery in the East Flemish town of Buggenhout more than 200 years ago. The brewery is backed by Dutch private equity firm Waterland.
It wasn't immediately clear if Waterland is paring down or selling out, but the Bosteels family will remain involved with Antoine Bosteels continuing to run the business that's been in his family for seven generations within AB InBev's craft and specialty division.
Financial terms were not disclosed, but Belgian press reports put the value at €200 million ($225.4 million), or about 15 times enterprise value to Ebitda according to analyst Wim Hoste of KBC Securities in Brussels.
"The news comes as a bit of a surprise as AB InBev is currently still closing the transaction with SABMiller," he said in note. He added that while the Belgian deal is a fairly small one, "it nevertheless reinforces AB InBev in the fast-growing capacity of craft beers."
He also doesn't foresee any issues with competition authorities in Belgium, which generates less than €16 million in sales for the parent company. The AB InBev group posted $43.6 billion in 2015 revenues.
AB InBev shares were little changed but trending higher in Brussels Thursday morning. The stock inched up 0.04% to €113.90, giving it a market value of around €183.1 billion. The stock is 23.06% above what it was a year ago.