OB Brewery

FT wrote about the sale of half of OB to Affinity Partners by KKR. The capital structure appears to be as follows:

Oriental owns one of Korea's two beer licences and has a 40 per cent market share. InBev acquired Anheuser-Busch for $52bn last year and decided to sell its non-core Korean business to repay debt.

KKR surprised observers by eclipsing Lotte Group, a powerful Korean retail conglomerate, which had been considered the frontrunner for Oriental. The US group was able to write an $800m equity cheque thanks to the "dry powder" in its $4bn Asia fund, while the seller was so keen to offload the asset that it provided $300m in vendor finance on attractive terms.

A consortium of global banks, comprising Standard Chartered, Nomura, HSBC and JPMorgan, is providing $750m in bank financing to the buyers