Anheuser-Busch InBev, the world’s largest brewer, has announced plans to buy back a 49.9 per cent stake in its U.S. metal container plants for approximately $3 bn, according to Reuters.

The deal covers seven plants across six U.S. states, previously sold in 2020 to a group of investors led by Apollo Global Management. AB InBev retained operational control and entered into a long-term supply agreement to meet its packaging needs at the time.

Under the repurchase arrangement, AB InBev will fund the transaction with cash, with the company expecting to close the deal in the first quarter of 2026. The brewer said the transaction is expected to boost profits from the first year, highlighting the strategic role of these factories in securing supplies and managing costs amid rising aluminium prices.

The move comes as beer sales in the U.S. face pressure from changing consumer preferences, with younger demographics favouring spirits, while aluminium prices have surged due to tariffs and tight global supply.

The benchmark three-month aluminium price on the London Metal Exchange recently hit $3,130 per metric tonne, the highest since April 2022, Reuters reported.

AB InBev’s Chief Executive Officer, Michel Doukeris, previously noted that the company’s hedging strategies had shielded its operations from the worst effects of soaring aluminium costs, but larger impacts could be felt in 2026.

Analysts say the buyback, while modestly reducing the scale of AB InBev’s future share repurchases, is expected to be earnings accretive, as the cost of buying the packaging stake and related minority interest is lower than the interest on the $3 bn.

AB InBev had focused on debt reduction over the last decade, using divestments to strengthen its balance sheet, and this repurchase marks the company’s first major acquisition since bringing its debt to levels acceptable to investors at the end of 2024.