SABMiller acquires UK-based Meantime Brewing Co for undisclosed sum

SABMiller (SAB) said on Friday, 15 May 2015, it will become the new owner of London-based modern craft brewer Meantime Brewing Company.

The global brewing giant said the deal‚ whose value was not disclosed‚ would give it an entry point into the fastest-growing segment of the UK beer market.

SABMiller plans to grow sales of Meantime beers nationally and explore export opportunities in its European markets under the continued leadership of Meantime CEO Nick Miller.

Volumes of beer sales at Meantime grew 58% in 2014‚ outpacing the UK beer market's 1% growth during the same period‚ SABMiller said.

The acquisition is expected to be complete in early June.

SABMiller was up 1.11% to R675.66 in early trade‚ valuing the company at R1.13-trillion.

Source: BDpro via I-Net Bridge