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Brazil's biggest brewer Companhia de Bebidas das Americas (ABV, AMBV4.BR), or AmBev, said Monday it has acquired an indirect interest in Dominican brewer Cerveceria Nacional Dominicana SA, or CND, for at least $1 billion.
"Ambev and Leon Jimenes S.A., which owns 83.5% of Cerveceria Nacional Dominicana S.A. entered into a transaction to form a strategic alliance to create the leading beverage company in the Caribbean through the combination of their businesses in the region," Ambev said.
"The combined business will include beer, malt and soft drinks operations in the Dominican Republic, Antigua, Saint Vincent and Dominica, as well as exports to 16 other countries in the Caribbean, the United States and Europe," it added.
"Upon closing of the transaction, Ambev Brasil Bebidas S.A, a closely held subsidiary of Ambev, and Leon Jimenes will be the shareholders of Tenedora CND S.A., a holding company which will own 83.5% of the shares of CND and 100% of Ambev Dominicana S.A. ("Ambev Dominicana"), with Ambev Brasil owning an initial indirect 41.76% interest in CND," Ambev said.
Separately, Ambev Brasil will acquire an additional 9.3% stake in CND from Heineken N.V. (HEIA.AE) for $237 million, "at which point Ambev will own a total indirect interest of approximately 51% in CND," Ambev said.
-By Rogerio Jelmayer, Dow Jones Newswires; 55-11-3544-7071; firstname.lastname@example.org