Dominican brewery US$1.2B buyout a done deal

Santo Domingo.- The maker of Dominican Republic’s leading beer on Wednesday announced the closing of its US$1.2 billion merger with the Brazilian AmBev, in a media release.

On October 21 the Dominican National Brewery (CND) AmBev Dominicana Brewing Company and of Brazilian capital agreed to the merge, which took effect December 1, the release said.

AmBev had announced the acquisition of a 51% stake in the CND for US$1.24 billion Last April, when José A. León, CEO of E. León Jimenes Corp. -which owned 83.5% of the shares of the maker of President beer – called the deal a strategic alliance to form the Caribbean’s leading beverage company.