Beer giant Anheuser Busch has reached a deal with the Justice Department that will allow the company to purchase Mexican brewer GrupoModelo.
AB InBev announced last June its plans to purchase the half of Grupo Modelo it did not already own for $20 billion. The federal government filed suit in January, saying the deal would drive up beer prices.
In an effort to ease the government’s concerns, A-B offered to sell a Modelo brewery in Mexico and the US rights to Modelo brands to a third company. The court ruling issued Friday says the settlement is based on those proposed changes.
In a statement, the company says the changes still need regulatory approval in Mexico. The two sides have until April 23 to finalize the deal.
Today's announcement does not affect a separate anti-trust case filed in March by private citizens.
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