Japan's Asahi Swallows Up Grolsch And Peroni

Japanese brewer Asahi has agreed to buy the Peroni and Grolsch lager brands as well as London's Meantime in a deal valuing the businesses at €2.55bn (£2bn).

Currently owned by UK-listed giant SABMiller (Xetra: BRW1.DE - news) , the brands are being sold to try to satisfy competition concerns as SAB is swallowed up by Anheuser-Busch InBev in a £71bn mega-merger agreed last November that brings together the world's two biggest brewers.

The latest deal will see Italian beer Peroni, Dutch brand Grolsch and UK craft beer Meantime – which SAB only bought last year – offloaded.

AB InBev confirmed it had received a binding offer from Asahi.

It is conditional on the completion of the larger merger, which requires European Commission approval.

The new brewing giant will still own big name brands such as Budweiser, Corona and Stella Artois and ciders such as Bulmers and Strongbow.

AB InBev chief executive Carlos Brito said: "We are pleased to have received this binding offer from Asahi on the Peroni, Grolsch and Meantime brands and businesses - iconic beer brands with longstanding heritage and leading positions in core markets."

Asahi is Japan's biggest brewer with a 38% market share but is seeking growth outside Japan where a shrinking population and the increasing popularity of wine have weighed on beer sales over the past two decades.

The Japanese firm said in a statement: "Through this proposed acquisition, Asahi aims to expand its growth platform in Europe and become a global player with a distinct position."