Two Magic Circle firms – Allen & Overy and Freshfields Bruckhaus Deringer – are advising on Japanese brewer Asahi Group Holdings Ltd.’s $11.3 billion acquisition of the Australia business of Belgian beer giant Anheuser-Busch InBev SA/NV. The move is part of ABInBev’s effort to reduce the mountain of debt it accumulated when it acquired SABMiller for $107 billion in 2016.

Asahi is acquiring all of Melbourne-based CUB Pty. Ltd., AB InBev’s Australia subsidiary. The Tokyo Stock Exchange-listed company will raise up to $1.9 billion with a share offering to fund the deal, Asahi said in a statement. The transaction is expected to close by the first quarter of next year, pending approvals from the Australian Competition and Consumer Commission and Australia’s Foreign Investment Review Board. The deal, if it goes through, will see AB InBev exit the Australian market.