Belgium-based Anheuser-Busch InBev is engaged in talks to repurchase Oriental Brewery of South Korea for over $4.5bn from private equity owners KKR and Affinity Equity Partners.

In 2009, AB InBev sold Oriental Brewery to KKR for $1.8bn to help pay the debt that has risen due to its $52bn acquisition of Anheuser-Busch in 2008.

The company, however, had retained the right to repurchase the brewery with five years under ‘predetermined financial terms,’ which expires on 24 July 2014.

According to the people familiar with the matter, the financial terms allows KKR to sell the brewery back to AB InBev for 11 times earnings before interest, taxes, depreciation and amortisation (EBITDA) or about $4.15bn.

If acquired, the deal will the AB InBev’s largest since its $20bn acquisition of Mexico-based Grupo Modelo in 2013 and biggest in Asia since the acquisition of Asia Pacific Breweries by Netherlands-based Heineken for $6.4bn in 2012, claimed the brewer.

Bernstein Research analyst Trevor Stirling said the option to buy back was struck in 2009 when the world looked a much bleaker place, but it looks very attractive in today’s world.

The deal, which is in its final stages, is expected to be closed by the end of January 2014.

According to some sources, AB InBev is further planning to acquire UK-based SABMiller.