Brewing giant AB Inbev has sold its Tennent's lager brand to Magners cider maker C&C Group in a deal worth £180 million.
The proposed sale includes Glasgow's Wellpark brewery, where Tennent's lager is brewed, rights to the Tennent’s lager brand, Tennent’s Ales and assets located in Scotland, Northern Ireland and the Republic of Ireland which currently belong to AB Inbev.
John Dunsmore, chief executive of C&C, said: “Tennent's is a celebrated brand and is a compelling strategic fit for the group to develop alongside Magners in Scotland and Northern Ireland. This is a great opportunity to strengthen our route to market and broaden our product portfolio by combining our cider brands with some of the world’s leading beer brands.”
A statement from C&C said: “The business has approximately 300 employees whose employment will transfer to the C&C Group. The principal terms and conditions of employment of transferring employees will be safeguarded.”
Carlos Brito, chief executive officer of AB Inbev, said: “The sale of these assets will unlock value for our shareholders and ensure continued support for our global brands in the region through distribution agreements with key partners. C&C is a strong strategic buyer who is well-positioned to invest in and advance these assets within their respective geographies.”
The move follows months of speculation on the future of Tennent's with AB Inbev, which according to reports, is also ready to sell 11 European breweries including Staropramen in the Czech Republic.