The metal containers deal is expected to close in the first quarter this year. (Olivier Matthys/Bloomberg)
January 6, 2026 10:46 AM, EST
Key Takeaways:
- Anheuser-Busch InBev will buy back a 49.9% stake in its U.S. metal container plants from Apollo-led investors for about $3 billion.
- The seven plants anchor its U.S. supply chain as aluminum tariffs pressure brewers, reversing a 2020 sale used to cut debt after SABMiller.
- The cash-funded deal is expected to close in the first quarter, with shares down about 1% early as analysts call it a debt-like repurchase.
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Anheuser-Busch InBev SA/NV will reacquire a 49.9% stake in its U.S. metal container plants from a consortium of institutional investors led and advised by Apollo Global Management Inc. in a deal estimated to be around $3 billion.
The metal container plant operations include seven facilities across six states and form a strategic component of the company’s supply chain in the U.S., AB InBev said in a statement. The maker of Stella Artois and Budweiser beer will fund the purchase with cash on hand.
The world’s largest brewer previously sold the stake to Apollo for $3 billion in 2020 in a deal aimed at helping it pay down debt, which ballooned following the takeover of rival SABMiller in 2016.
Anheuser-Busch Cos. ranks No. 12 on the Transport Topics list of the largest private beverage carriers in North America, operating 492 tractors.
Shares of AB InBev fell a little over 1% in early trading. The stock rose nearly 14% in 2025.
Brewers are facing challenging conditions across all markets at the moment as consumers rein in spending and as the effect of tariffs take effect. Last year U.S. President Donald Trump imposed steep tariffs on steel and aluminum and said the measures were intended to secure the future of the American steel industry.
On Jan. 6, AB InBev said by regaining full control of its plants it would ensure “quality, cost efficiency, speed of innovation and supply security for our brands, while providing industry-leading manufacturing jobs and driving economic growth in communities across the U.S.”
“AB InBev is securing the quality of key packaging assets in the U.S. likely as a result of aluminum tariffs,” according to Duncan Fox, a Bloomberg Intelligence senior industry analyst.
The deal is more akin to a “debt repurchase,” according to Trevor Stirling, an analyst at Bernstein, who added that it was also a “mark of confidence in the company’s underlying cash flow and deleveraging.”
Last year, AB InBev kicked off a $6 billion share buyback program even as it faced a challenging third quarter marked a lower-than-expected beer sales.
The metal containers deal is expected to close in the first quarter this year.
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