Acquisition of Fifco's beverage and retail businesses for $3.2 billion accelerates growth and consolidates leadership in Central America, including full ownership in Costa Rica and Panama, and expansion in Nicaragua, Guatemala, and Mexico.
Builds on a long-standing partnership, moving from a 25% stake to full ownership, leveraging deep local knowledge, trusted management, and iconic brands.
Aligns with global strategies for scalable growth, premiumisation, and innovation in high-potential markets with strong macroeconomic and demographic fundamentals.
Adds high-quality, profitable assets, including a PepsiCo franchise, strong adjacent businesses in wine, spirits, and retail, and over 300 retail outlets.
Complements sustainability ambitions, leveraging Fifco's leadership in circularity, water positivity, and corporate governance.
Cash consideration totals approximately $3.2 billion, implying an 11.6x EV/EBITDA multiple based on 2024 results.
Net debt expected to increase by €3.2 billion, with a modest rise in net debt to EBITDA ratio, maintaining a target below 2.5x.
Transaction is immediately accretive to operating margin and EPS upon completion.
Additional revenue in excess of $1.1 billion and operating profit close to $300 million to be consolidated.
Share buyback program of $1.5 billion or €1.5 billion continues alongside the acquisition.
Run-rate cost savings of about $50 million expected, primarily from brewery process optimization, logistics, and leveraging shared services.
Revenue and cost synergies anticipated from best practices, R&D, premiumization, and improved route-to-market execution.
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With more than 300 beer and cider brands, Heineken is the number one brewer in Europe and number two in the world. The company develops new drinks, acquires new brands, and markets them globally. There are many subsidiaries, and you might recognize Tecate, Amstel, Birra Moretti, Dos Equis, Sol, Carta Blanca, and Red Stripe. Some of Heineken’s competitors are Carlsberg Group, Anheuser-Busch InBev, and Diageo.
The company was founded in 1864 by Gerard Adriaan Heineken, who, at only 22 years of age, bought a brewery called De Hooiberg (The Haystack) in Amsterdam. His son, Henry Pierre Heineken, managed the company from 1917 to 1940. During his tenure, Heineken invested in maintaining consistent beer quality during large-scale production and exports. Only three days after the prohibition ended in the US, the first Heineken shipment landed in New York.
This Amsterdam-based Dutch brewing company employs over 85,000 persons and has operational facilities in more than 70 countries. If you’re in Amsterdam, however, you should visit the Heineken Experience; the original brewery of Heineken, which closed in 1988 and is preserved as a museum.
There’s more to Heineken than meets the eye; their specialty, the A-yeast, is the main factor behind the beer’s rich flavor and taste. It was cultivated in 1886 by French chemist Louis Pasteur student and is still used solely by Heineken today.
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