August 3/Shanghai/Associated Press -- SABMiller JV China Resources Snow Breweries (CR Snow) has signed a $47 million deal with Asahi Breweries Itochu to buy the remaining stakes of 55% in Hangzhou Xihu Breweries Asahi (Hangzhou Xihu Beer) and 25% in Xihu Breweries Asahi Co (Huzhou Brewery).
As per the transaction, both the companies will become wholly owned subsidiaries of CR Snow. In November 2010, the joint venture, in which China Resources Enterprise (CRE) is also a partner, has acquired 45% equity interest in Hangzhou Xihu Beer, which currently owns a 75% interest in Huzhou Brewery.