Asahi Europe, a wholly owned subsidiary of Asahi Group Holdings, completed its acquisition of Beer Business of Fuller, Smith & Turner, for an enterprise value of £250m on a debt free, cash free basis. The business being sold comprises the entirety of Fuller’s beer, cider and soft drinks brewing and production, wine wholesaling, as well as the distribution thereof, and also includes the Griffin Brewery, Cornish Orchards, Dark Star Brewing and Nectar Imports. Under the terms of the Proposed Disposal, AEL will acquire the brands of the Beer Business and will receive the benefit of a licence, on a perpetual, global, exclusive and royalty-free basis, to use certain trade marks for the provision of beverages. Ownership of the licensed trade marks will be retained by Fuller’s.