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AB InBev shares fizz up after it buys Hiball Inc

Last updated: 14:31 20 Jul 2017 EDT, First published: 09:31 20 Jul 2017 EDT

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Shares in the brewing group in New York nudged 0.46% higher at $115.34

Beer brewing behemoth AB InBev (NYSE:BUD) revealed it was acquiring Hiball Inc, which makes organic energy drinks, marking another shift away from alcoholic beverages.

Terms of the deal were not disclosed on Thursday.

João Castro Neves, chief executive of AB InBev's US subsidiary Anheuser-Busch, said the company and its US wholesaler network were looking for new opportunities in non-alcoholic beverages.

Shares in the group in New York nudged 0.46% higher at $115.34.

It comes after last year, AB Inbev inked a deal with coffee giant Starbucks for ready to drink tea.

AB InBev has been broadening its US portfolio as consumers shift away from brands like Budweiser and Bud Light, toward craft beers, Mexican imports, wine and spirits.

Non-alcoholic drinks reportedly account for around 13% of AB InBev's global volume.

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