Anheuser-Busch InBev is most likely to sell SABMiller's European beer brands to private-equity groups partly because the company could buy them back later, an analyst has said.

AB InBev is looking to offload Grolsch and Peroni

AB InBev is looking to offload brands such as Grolsch and Peroni to appease European regulators, with rivals such as Carlsberg and Heineken touted as potential suitors. At the weekend, Japanese media reported that Asahi Group is lining up a US$3.4bn bid for Grolsch and Peroni, possibly for this week.

However, Nomura's Edward Mundy said today that private equity will offer "strong competition" in the acquisitions race, citing media reports that KKR, Bain Capital, TPG, PAI Partners, BC Partners, Cinven and Permira are interested.

Mundy said AB InBev would favour a deal with one of these groups because it would bypass regulatory issues and allow it to sell the brands in one go. He also said a private-equity sale would give AB InBev the "opportunity to buy back the assets at a later stage".

Analysts initially put Carlsberg in pole position to acquire Grolsch and Peroni, valued at a combined US$3.2bn. However, the company appeared to rule itself out of the running last week when its chairman said it is not looking to make acquisitions.

Heineken has been touted as a possible buyer of Peroni, however it may not want Grolsch as it competes with brand Heineken in the Netherlands.

