Anheuser-Busch InBev moved on Thursday to rescue its $20.1 billion proposed takeover of Grupo Modelo of Mexico, the maker of Corona beer, by offering concessions aimed at persuading American anti-trust authorities to let the deal proceed.
Under the revised terms, Anheuser-Busch InBev would sell the rights to Corona and other Grupo Modelo brands in the United States to Constellation Brands, one of the world's largest wine companies, for $2.9 billion.
The agreement would also include the sale of a brewery close to the US-Mexico border that is currently owned by Grupo Modelo, as well as the perpetual licensing rights to Grupo Modelo’s brands in the US. If the revised deal goes through, Anheuser-Busch InBev will gain greater access to emerging markets like Mexico.
Anheuser-Busch InBev’s decision to sell Compañía Cervecera de Coahuila, the Mexican brewery that produces Corona, Corona Light and Modelo Especial, is an effort to satisfy regulators after the Justice Department sued last month to block the deal.