Altria will sell 35 million shares of InBev as a result of the transaction.
With a market value of approximately $12.7 billion, the tobacco giant presently owns almost 10% of the largest brewer in the world.
Following a US boycott due to the company’s collaboration with transgender influencer Dylan Mulvaney, Bud Light sales have suffered.
The sale is “an opportunistic transaction that realises a portion of the substantial return on our long-term investment,” according to a statement released by Billy Gifford, CEO of Altria.
“Our continued investment reflects ongoing confidence in long-term strategies, premium global brands, and an experienced management team,” he stated.
Marlboro Company sells $2.2 billion in interest in Bud Light.
The parent company of the Marlboro brand, Altria Group, has announced plans to divest more than $2.2 billion (£1.7 billion) in shares in AB InBev, which owns the Stella Artois and Bud Light beer trademarks.
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