Freshfields Bruckhaus Deringer and Sullivan & Cromwell have advised the Asia-Pacific unit of brewer Anheuser-Busch InBev on its $5 billion IPO on the Hong Kong Stock Exchange, with Clifford Chance representing the joint sponsors.
Budweiser Brewing Company APAC’s listing was the second-largest IPO globally in 2019 so far, trailing only the $8.1 billion floatation of Uber Technologies Inc in May. It is also Hong Kong’s highest-value IPO to date this year.
According to Reuters, AB InBev, the world’s largest brewer, relaunched the IPO this month after cancelling a plan for a bigger IPO of the unit in July citing “several factors, including the prevailing market conditions.’
Budweiser APAC produces, imports, markets, distributes and sells a portfolio of more than 50 beer brands, including the global brands Budweiser, Stella Artois and Corona.
The IPO pricing comes at the time of serious unrest in Hong Kong. According to Reuters, Hong Kong leader Carrie Lam said last week that she hoped peaceful and rational dialogue will help find a way out of the protests gripping the former British colony.
Successful completion of the Budweiser IPO could encourage more Hong Kong IPO candidates to strengthen their plans. China’s biggest e-commerce company Alibaba Group Holding Ltd delayed last month its nearly $15 billion listing in the city amid the growing political unrest there.
The Sullivan & Cromwell team was led by partners Francis Aquila, John Horsfield-Bradbury, and Kay Ian Ng.
The Freshfields Bruckhaus Deringer team was led by China chairman Teresa Ko and partners David Ludwick, Vincent Macq and Valerie Ford Jacob.
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