HEINEKEN and Efes unwind their partnerships in Kazakhstan and Serbia

HEINEKEN and Efes unwind their partnerships in Kazakhstan and Serbia

Heineken N.V. (‘HEINEKEN’) today announced that HEINEKEN and Efes Breweries International N.V. (‘EBI’), a wholly-owned subsidiary of Anadolu Efes, agreed to unwind their partnerships in Kazakhstan and Serbia:

  • HEINEKEN will sell its 28% stake in Efes Kazakhstan to EBI; and
  • HEINEKEN will acquire EBI’s 28% stake in Central Europe Beverages (‘CEB’), the holding company for the Serbian operations, thereby obtaining full ownership.

Selling the minority cross-holdings to each other will result in a consideration to be paid by EBI to HEINEKEN of US$161 million.

Each of the transactions announced today is anticipated to be completed no later than May 2013. The completion, which is subject to certain conditions, is expected to result in an exceptional book gain for HEINEKEN. The proceeds will support the company’s financial objective to return to a net debt/EBITDA (beia )¹ ratio of below 2.5 times within 24 months of the closing of the APB transaction.

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