The first transaction in this phase took place in Hungary, followed in 1995 by the acquisition of Labatt Brewing Company (founded 1847), the largest brewer in Canada, and then in 1999 by a joint venture with Sun in Russia.

In October 2009, AB InBev announced the sale of its Busch Entertainment theme park division to The Blackstone Group for $2.7 billion.

[24][25] In 2012, AB InBev bought a 51% stake of Cervecería Nacional Dominicana, a beer producer in the Dominican Republic which was the largest in the Antilles and Central America.

The new company is called Anheuser-Busch InBev SA/NV (AB InBev), based in Leuven, Belgium and listed on Euronext (Euronext: ABI), with secondary listings on the Mexico (MEXBOL: ABI) and South Africa (JSE: ANH) stock exchanges and with American Depositary Receipts on the New York Stock Exchange (NYSE: BUD).

[37] SABMiller ceased trading on global stock markets and divested itself of its interests in the MillerCoors beer company to Molson Coors.

[40] As per the agreement with the regulators, the former SABMiller sold to Molson Coors full ownership of the Miller brand portfolio outside of the U.S. and Puerto Rico for US$12 billion.

[42] After the formation of Anheuser Busch Inbev SA/NV (AB InBev), the Company owned 630 beer brands[10] including Budweiser and Bud Light, Corona, Stella Artois, Beck's, Leffe, Hoegaarden, Quilmes, Victoria, Modelo Especial, Michelob Ultra, Sedrin, Klinskoye, Sibirskaya Korona, Chernigivske, Cass and Jupiler until some were spun off.

Anheuser Busch Company also owns a soft drinks business that has bottling contracts with PepsiCo through its subsidiary, Ambev.

[44][45] As part of the agreements made with regulators before Anheuser-Busch InBev was allowed to acquire SABMiller, the company sold the Peroni, Meantime and Grolsch brands to Asahi on 13 October 2016.

[48][49] In August 2017, the company announced the formation of a 50–50 joint venture with Anadolu Efes, by merging both of their operations in Russia-with the entity to be known as AB InBev-Efes.

[50] On 21 July 2017, Anheuser-Busch InBev continued its investment in the non-alcohol beverage sector with the purchase of energy drink company Hiball.

[62] In September 2016, it was reported that AB InBev had paid a $6 million fine to the U.S. Securities and Exchange Commission for violations of bribery laws under the Foreign Corrupt Practices Act and for silencing a whistleblower.

[65] In July 2017, the company terminated its contract with "Casa Mia" pizzeria in Munich after the politician Ernst Dill tried to persuade the owner to ban Pegida supporters amongst his guests.

The year before Anheuser-Busch InBev already bound the owner of "Casa Mia" by contract to interpose at any sign of political activities.

[67] In autumn 2018, AB InBev completed deals with Major League Baseball and the NBA which will allow them to use athletes' names and images when advertising.

[68] On 21 March 2019, AB InBev subsidiary Anheuser-Busch was sued for false advertising by rival MillerCoors over a Bud Light commercial that aired during the 2019 Super Bowl.

The suit alleges that Anheuser-Busch is using "false and misleading statements" to confuse health-conscious consumers into thinking the beers contain high-fructose corn syrup, which has been linked with obesity.

[70] An Anheuser-Busch spokesperson called the lawsuit "baseless" and said it would not deter Bud Light from "providing consumers with the transparency they demand.

"[71] MillerCoors is seeking an injunction to prevent Bud Light from continuing the ad campaign, as well as a trial by jury and legal fees.

[citation needed] Since April 2023, AB InBev subsidiary Anheuser-Busch's Bud Light has faced an ongoing boycott from many consumers throughout North America after partnering with transgender influencer and activist Dylan Mulvaney.

[74] Anheuser-Busch CEO Brendan Whitworth attempted to walk back[clarification needed] the partnership by saying, "We never intended to be part of a discussion that divides people.

An Anheuser-Busch spokesperson told The Wall Street Journal “Given the circumstances, Alissa has decided to take a leave of absence which we support.

[80] Analysts at HSBC cited “deeper problems than ABI admits” after a recent partnership with the transgender influencer Dylan Mulvaney resulted in a wave of backlash and a boycott.

It was alleged that these companies acted on this information and restructured their operations to take advantage of new Multinational Anti-Avoidance Law (MAAL) introduced in 2016.