The Belgian brewer Anheuser-Busch InBev and Constellation Brands have revised agreement for AB InBev's complete divestiture of the US assets of Mexican beer company Grupo Modelo.
The move follows a US Department of Justice decision to block AB InBev's deal to purchase the 50% stake in Grupo Modelo.
The companies, in a statement, said that AB InBev will sell Modelo's brewery, Compaía Cervecera de Coahuila, in Piedras Negras to Constellation and grant it perpetual rights for the Corona and Modelo brands in the US for $2.9bn.
Constellation will also purchase the 50% of Crown Imports for $1.85bn, making Constellation the 100% owner of Crown.
The revised agreement provides Constellation with independent brewing operations, Modelo's full profit stream from all US sales, and rights in perpetuity to the Grupo Modelo brands distributed by Crown in the US, according to the statement.
AB InBev said the synergy benefits from taking full control of Modelo has been revised to approximately $1bn from $600m.
