Anheuser-Busch InBev (AB InBev) has agreed to sell its Australian subsidiary Carlton & United Breweries (CUB) for an enterprise value of A$16bn ($11.3bn).

The sale agreement has been entered by the company with Asahi Group Holdings.

Under the deal, Asahi Group Holdings will have all the rights to commercialise the portfolio of AB InBev’s global and international brands in Australia.

AB InBev CEO Carlos Brito said: “We continue to see great potential for our business in APAC and the region remains a growth engine within our company.

“With our unparalleled portfolio of brands, strong commercial plans and talented people, we are uniquely positioned to capture opportunities for growth across the APAC region.”

AB InBev intends to use the entire proceeds from the sale of its Australian business to pay down its debt.

Also, the company intends to fast-track its expansion into other growing markets in the APAC region and globally.

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The deal will also enable AB InBev to create further shareholder value by making its business more efficient while strengthening its position for growth opportunities.

Asahi Group Holdings has committed financing in place, with completion of the transaction expected to close by the first quarter of 2020.

Completion of the deal is subject to customary closing conditions, including regulatory approvals in Australia.

In December 2017, Asahi Group Holdings entered agreements with Fosun Group and Tsingtao Brewery Group to sell its stake in Tsingtao Brewery.