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Japanese beverage maker Asahi Group Holdings announced it would raise up to $1.5 billion in a share offering to help repay loans it took to buy the Carlton & United Breweries (CUB) beer company in Australia for $11 billion.
The company intends to sell up to 157.5 billion yen of shares in Japan and the US.
The offering will be composed of about 20.9 million new shares, a secondary offering of stock, and treasury shares.
The merger will be completed by the fourth quarter of 2020, with Asahi beer brands including Asahi Super Dry, Mountain Goat, and Green Beacon operating under the CUB banner.
According to the Group CEO of Asahi Beverages Oceania, the merger will make it easier for partners and suppliers and suppliers to do business with the company.
Declining beer consumption and a shrinking population prompted Asahi to pursue international growth.
