Japanese beer and soft drinks company, Asahi Group has agreed to buy Fuller, Smith & Turner Plc’s beer business for £250m to gain brands such as London Pride and expand its reach in Europe.
The Tokyo-based company will also acquire cider and soft drinks production assets, as well as a wine wholesaling business. Fuller's will form a long-term beer supply agreement with Asahi.
The London-based brewer currently owns the London Pride, Frontier and Cornish Orchards brands but said their disposal would allow it to focus on its pub and hotels, which now generate almost 90% of its profits.
Fuller's will reinvest some of the cash proceeds into this side of the business, while bosses also plan to return between £55-69m to shareholders.
The transaction ia expected to be completed in the first half of 2019, should both parties' shareholders agree to proceed and regulatory authorities rubber stamped the deal.