Daily News: January 24, 2014

Simpson Thacher Represents KKR/Affinity in Oriental Brewery Sale to Anheuser-Busch

Simpson Thacher announced it is representing KKR and Affinity Equity Partners in connection with the announced agreement whereby Anheuser-Busch InBev will reacquire Oriental Brewery from KKR and Affinity. AB InBev originally sold OB in July 2009, a transaction in which the firm represented KKR. The enterprise value for the transaction is $5.8 billion, and as a result of an agreement entered into with KKR and Affinity in 2009, AB InBev will receive approximately $320 million in cash at the closing of this transaction, subject to certain closing adjustments.

OB is the leading brewer in South Korea, and manufactures and distributes brands such as Cass, the No. 1 beer brand in South Korea, and also has an exclusive license to distribute select AB InBev brands in South Korea such as Budweiser, Corona and Hoegaarden.

The transaction is subject to regulatory approval in South Korea as well as other customary closing conditions, and is expected to close in the first half of 2014.

The Simpson Thacher team includes Mark Pflug, Katie Sudol, Ian Ho and Matthew Schwartz (M&A – Hong Kong); Jin Park and Brian Kim (M&A – Seoul); Sinead O’Shea and Jackie Kahng (Financing); Katharine Moir, Jason Vollbracht and Devin Heckman (Tax); David Vann (Regulatory); and Andrea Wahlquist (Executive Compensation).