AB InBev files for Hong Kong IPO of Asia business to raise $5 billion

HONG KONG - The world’s biggest brewer, Anheuser-Busch InBev, filed plans on Friday to spin off its Asian business via a Hong Kong initial public offering, in a deal which two sources with knowledge of the matter said could be worth at least $5 billion.

It has already halved its proposed dividend and warned any payouts would grow only slowly as it works on cutting its ratio of net debt to EBITDA - a key measure of leverage - over time to about 2 from 4.6 at the end of 2018. The company said too that it could not comment on valuation or deal size. However, sources said the offering was likely to be at least $5 billion. Analysts at Jefferies have said that $40 billion-$50 billion would be a reasonable valuation for the Asia-Pacific business.

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