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SABMiller Swallows London Brewer Meantime

SABMiller (Xetra: BRW1.DE - news) , the world's second-largest brewer, is to buy a London-based craft beer specialist for an undisclosed sum.

SABMiller said the acquisition of Meantime Brewing Company would give it exposure to the fastest-growing part of the British beer market.

SAB said it planned to grow sales Meantime's beers across Britain and would also look to export it in other European markets.

Meantime's beers include London Pale Ale and London Lager.

It grew sales volumes by 58% in 2014 compared to a 1% rise in Britain's beer market as a whole.

The acquisition, SAB said, would include Meantime’s retail sites, including the Tasting Rooms and the brewery shop in Greenwich, the Greenwich Union pub, pop-up Beerbox pub, and the Brewery Fresh tank beer concept, which is now in 26 pubs across London.

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The maker of Grolsch and Peroni is expected the deal to close in June.

SAB's managing director for Europe, Sue Clark, said: "Meantime has been at the forefront of the modern craft beer movement in the UK and brews an outstanding range of beers across a variety of styles.

"At SABMiller we love local variety, and carefully nurture our 200 local and heritage beers."

Nick Miller, the chief of executive of Meantime who will remain in post following the takeover, said: "SABMiller shares our passion for putting great beer first, and making, selling and marketing it responsibly to beer aficionados worldwide.

"The team at SABMiller have stressed how important our culture is to our success to date, and have a strong track record in retaining the special identities and heritage of the local businesses they’ve bought in the past."