KKR, PAG Near Deal for Sapporo Real Estate for Over $2.6 Billion

A joint bid from KKR & Co. and PAG has emerged as the leading candidate to buy the real estate holdings of beermaker Sapporo Holdings Ltd. in a deal worth over ¥400 billion ($2.6 billion), according to a person familiar with the matter.

Sapporo has chosen to work exclusively with KKR and PAG on the sale of its real estate unit, and the parties are expected to reach an agreement in November, said the person, who asked not to be identified because the matter is private. Negotiations are still going on and there’s a possibility that a final deal won’t be reached.