Who Owns Modelo?
Updated onExplore the ownership hierarchy of Modelo. See parent companies, holding structures, and ultimate controllers.
Ownership Chain
Modelo
Modelo is a Mexican beer brand—best known for lagers like Modelo Especial and Modelo Negra—originally developed by Grupo Modelo in the 1920s and now owned globally by Anheuser‑Busch InBev while its U.S. rights are held by Constellation Brands.
Grupo Modelo
Grupo Modelo is a leading Mexican brewery that produces, distributes, and exports beer brands such as Corona, Modelo, Victoria and Pacífico, and is part of Anheuser-Busch InBev.
Anheuser-Busch InBev
Anheuser-Busch InBev is a Belgian multinational brewing and beverage company and the world's largest brewer, producing and marketing hundreds of beer and beverage brands worldwide.
Modelo
Modelo is a Mexican beer brand—best known for lagers like Modelo Especial and Modelo Negra—originally developed by Grupo Modelo in the 1920s and now owned globally by Anheuser‑Busch InBev while its U.S. rights are held by Constellation Brands.
Grupo Modelo
Grupo Modelo is a leading Mexican brewery that produces, distributes, and exports beer brands such as Corona, Modelo, Victoria and Pacífico, and is part of Anheuser-Busch InBev.
Anheuser-Busch InBev
Anheuser-Busch InBev is a Belgian multinational brewing and beverage company and the world's largest brewer, producing and marketing hundreds of beer and beverage brands worldwide.
Major Shareholders
Modelo
Major Shareholders
| Name | Type | Ownership | Voting | As of |
|---|---|---|---|---|
Stichting Anheuser-Busch InBev (reference shareholder group) Dutch foundation that consolidates the long‑term holdings of AB InBev’s Belgian founding families (de Spoelberch, de Mévius, Van Damme) and Brazilian 3G Capital partners; a 2023 Schedule 13D/A filing reports it beneficially owning about 57.3% of AB InBev’s outstanding shares. | Family | 57.3% | 57.3% | Apr 2023 |
Altria Group, Inc. U.S. tobacco company that received its AB InBev stake via SABMiller; after a March 2024 global secondary offering and concurrent $200m share repurchase by AB InBev, Altria disclosed that it would retain roughly an 8.1% interest in AB InBev. | Corporate | 8.1% | 8.1% | Mar 2024 |
Bevco Lux S.à r.l. (Santo Domingo Group) Investment company controlled by the Santo Domingo family; Belgian FSMA transparency notifications and AB InBev disclosures show Bevco Lux holding just over 5% of AB InBev’s voting rights. | Family | 5.0% | 5.0% | Oct 2019 |
Dodge & Cox San‑Francisco‑based asset manager; Investing.com’s institutional‑holder data lists Dodge & Cox with roughly 3.4% of AB InBev’s shares as of September 30, 2025. | Institutional | 3.4% | 3.4% | Sep 2025 |
BlackRock, Inc. Global asset manager; Belgian transparency filings show BlackRock’s stake periodically crossing the 3% disclosure threshold, and Investing.com estimates its position at about 2.9% of shares in late 2025. | Institutional | 2.9% | 2.9% | Nov 2025 |
The Vanguard Group, Inc. U.S. index‑fund manager; included among AB InBev’s largest institutional investors with just over 2% of outstanding shares, based on Investing.com holdings data as of October 31, 2025. | Institutional | 2.1% | 2.1% | Oct 2025 |
Constellation Brands, Inc. (U.S. Modelo brand rights) Not a shareholder in AB InBev, but since 2013 Constellation has owned Grupo Modelo’s U.S. beer business, including an exclusive perpetual license to import, market and sell Modelo‑family brands in the United States; listed here as a key economic owner of the Modelo brand rather than equity in AB InBev. | Corporate | — | — | — |
Grupo Modelo
Major Shareholders
| Name | Type | Ownership | Voting | As of |
|---|---|---|---|---|
Anheuser-Busch InBev SA/NV (AB InBev) AB InBev, the Belgian-based global brewing group listed on Euronext Brussels and the NYSE (ticker BUD), completed a USD 20.1 billion combination with Grupo Modelo in June 2013. At settlement of the tender offer for the Grupo Modelo shares it did not already own, a subsidiary of AB InBev held approximately 95% of Grupo Modelo’s outstanding common shares, giving AB InBev effective control. AB InBev then funded a trust to continue purchasing remaining Grupo Modelo shares over a period of up to 25 months; subsequent company and industry references describe Grupo Modelo simply as an AB InBev-owned subsidiary, implying virtually full ownership. As part of the U.S. antitrust settlement for this transaction, AB InBev divested Grupo Modelo’s U.S. business and perpetual U.S. rights to its brands to Constellation Brands, but this affected distribution rights, not AB InBev’s equity stake in Grupo Modelo itself. | Corporate | 95.0% | 95.0% | May 2013 |
Anheuser-Busch InBev
Major Shareholders
| Name | Type | Ownership | Voting | As of |
|---|---|---|---|---|
Stichting Anheuser-Busch InBev Dutch foundation that holds the core controlling stake in AB InBev on behalf of the Belgian founding families and long‑term partners; percentage based on public shareholder disclosures and S&P/Investing.com ownership data around year‑end 2024 and early 2025. | Corporate | 38.4% | 38.4% | Feb 2025 |
Altria Group, Inc. US-based tobacco company that became a major AB InBev shareholder through the SABMiller transaction; holds a large block of ordinary and former restricted shares, with its stake disclosed in Schedule 13D/A filings and reflected in major shareholder summaries. | Corporate | 8.1% | 8.1% | Feb 2025 |
Bevco Lux S.à r.l. Luxembourg investment company owned by the Santo Domingo Group; manages that group’s strategic minority stake in AB InBev, including former SABMiller-related restricted shares, as reported in its investor materials and external ownership databases. | Corporate | 5.2% | 5.2% | Feb 2025 |
Eugénie Patri Sébastien S.A. Belgian/Luxembourg holding company linked to the founding families; owns a direct stake in AB InBev and, via EPS Participations, co-owns Stichting Anheuser-Busch InBev, according to SEC Schedule 13D disclosures and European shareholding reports. | Corporate | 3.4% | 3.4% | Jan 2025 |
Dodge & Cox US investment manager and one of the largest institutional holders of AB InBev (including NYSE-listed BUD ADRs); aggregate stake derived from 13F filings and compiled ownership data for early 2025. | Institutional | 3.4% | 3.4% | Apr 2025 |
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