AB InBev has announced the reacquisition of the remaining 49.9% minority stake in its U.S. metal container plant operations, taking full control of a key part of its domestic packaging supply chain. The transaction, valued at around USD 3 billion, involves seven facilities across six U.S. states and is expected to close in the first quarter of 2026.
The stake is being bought back from a consortium of institutional investors led and advised by Apollo Global Management and will be funded entirely with cash on hand. The move effectively reverses a 2020 deal in which AB InBev sold the same stake (inside.beer, 23.12.2020) as part of a broader effort to reduce debt following its 2016 acquisition of SABMiller.
According to the brewer, regaining full ownership of the metal container plants will strengthen quality control, cost efficiency, speed of innovation and supply security for its beer brands, while also supporting manufacturing jobs and local economic growth in the U.S. The company also said the transaction is expected to be earnings-per-share accretive in the first year after completion.
The decision comes as brewers face softer consumer spending and rising cost pressures, particularly from tariffs on steel and aluminum introduced under U.S. President Donald Trump, which have increased costs for packaging-intensive industries. Analysts see the move as a way to secure critical packaging assets in light of these tariffs. Others describe the deal as closer to a balance-sheet optimization, comparable to a debt repurchase, and a signal of confidence in AB InBev’s cash flow and ongoing deleveraging efforts.
Investor reaction was cautious, with shares dipping slightly in early trading despite the stock having gained nearly 14% in 2025. The buyback follows the launch of a USD 6 billion share repurchase program last year, announced even as the group reported lower-than-expected beer sales in a challenging third quarter.
