The Belgian multinational said the sale would unlock funds to repay debts incurred through last year’s acquisition of Budweiser brewer Anheuser-Busch.
Asahi will become Tsingtao’s second largest shareholder as a result of the acquisition, behind the Tsingtao Brewery Group.
Anheuser-Busch InBev is to retain a 7% stake in the Chinese company and said it had no plans to sell any more Tsingtao shares.
CEO Carlos Brito said: “Anheuser-Busch InBev remains strongly committed to China, the largest beer market in the world. Our operations in northeast and southeast China are a key platform for our global growth strategy. With strong local brands such as Harbin and Sedrin, and global brands such as Budweiser, we’re well-positioned to benefit from the significant potential in this market.”
The deal is subject to Chinese and Hong Kong regulatory approval but is expected to be completed before the end of March.
© FoodBev Media Ltd 2019