Heineken withdraws from Russia. He sold everything for nothing

According to Forbes, Heineken sold all its assets to the Russian group Arnest for the equivalent of a few zlotys.

Under the terms of the agreement, the buyer promised to repay internal corporate debt to the parent company in installments amounting to approximately 100 million euros.

As part of the contract, seven Heineken breweries will be transferred to the new owner. Within six months, the factories will continue to produce beer under the Amstel brand, owned by Heineken.

For the next three years, the buyer will retain production licenses for a number of regional brands that Forbes believes are necessary to ensure business continuity and to approve the deal.

Heineken estimates the losses in Russia at 300 million euros

Heineken’s press office assures that the company will not support these brands and will not receive any income, royalties or dividends from Russia.

Jobs in the former Heineken factories in Russia will be maintained, which was one of the conditions for the approval of the transaction by the government commission in Moscow, company representatives emphasize. And they estimate that the transaction will result in a total loss of 300 million euros. The agreement does not provide the right to repurchase the assets.

“Although the transaction took much longer than we expected, it protects our employees and allows us to leave the country responsibly,” said Dolph van den Brink, CEO and Chairman of the Board of Heineken.

The Dutch company, like many other multinationals, announced its withdrawal from Russia in March 2022, shortly after the start of the Russian invasion of Ukraine. Due to the war, beer producers such as the Danish Carlsberg Group and the Belgian AB InBev, owner of the Budweiser, Corona and Stella Artois brands, left Russia.