American private equity firm KKR has joined the bidding list to buy SABMiller’s Peroni and Grolsch beer brands.

Initially, KKR was not shortlisted as one of the final bidders for the brands, which are being sold as part of Anheuser-Busch InBev’s $100bn acquisition SABMiller.

Citing sources familiar with the matter, Reuters reported that KKR was later readmitted in the list after sweetening its bid.

Previously, other private equity funds like BC Partners backed away from the bidding process, which is anticipated to be completed by March this year.

One of the sources was quoted by the news agency as saying: "Price expectations were pure madness."

The maker of Budweiser, AB InBev, has valued the Peroni and Grolsch beer brands brands at approximately $2.73bn.

Jacobs Holding, a Zurich-based investment firm, is another bidder in the process. The company also holds a 50% interest in a Swiss chocolate company, Barry Callebaut.

The other firms that are in the last stages of bidding include Thai Beverage’s unit Fraser and Neave, Japan’s Asahi Group, and private equity firms PAI Partners and EQT.

The bidders are anticipated to submit their binding offers by mid-February.

KKR has also divested its $359m investment in Vietnam’s Masan Consumer by selling its stakes to the parent company Masan Group.

The company invested an initial amount of $159m in Masan Consumer in 2011, followed by a $200m funding in 2013.