Japanese beer and spirits producer Asahi Group Holdings has entered agreements with Fosun Group and Tsingtao Brewery Group, respectively, to sell its stake in Tsingtao Brewery.

Fosun has agreed to pay approximately HK$27.22 ($3.48) per share for 243,108,236 shares, which totals HK$6.62bn ($847m).

The shares acquired by Fosun will be shared among Fosun Industrial Holdings, China Momentum Investment (BVI), Fidelidade Companhia de Seguros, Peak Reinsurance Company and Star Insurance Company.

“Fosun has agreed to pay approximately HK$27.22 ($3.48) per share for 243,108,236 shares, which totals HK$6.62bn ($847m).”

Wholly owned Tsingtao Brewery Group subsidiary Hong Kong Xinhaisheng Investment will be acquiring 27,019,600 shares of Tsingtao Brewery for approximately HK$735m ($93.9m).

Asahi anticipates that the two deals will be completed by March next year.

Established in 1993, Tsingtao Brewery is engaged in the production and distribution of beer products.

Asahi’s divestiture in Tsingtao Brewery is part of its medium-term management policy, which primarily focuses on its overseas business. The company also plans to restructure its business portfolio and focus on asset efficiency.