Heineken NV said it completed a deal to sell its assets and leave Russia, becoming one of the few consumer companies to successfully withdraw since Vladimir Putin’s government shifted rules to make exiting the country more difficult.
The Dutch firm sold its operations, including seven breweries, to Russia-based packaging and consumer goods business Arnest Group for €1 in a deal that will result in a €300 million loss. The transaction has received all required approvals, Heineken said in a statement, and concludes a process started in March 2022.
Putin’s signing of a decree in April that allows for temporary state control over the assets of companies or individuals from unfriendly states — which includes the US and its allies — has complicated efforts by top consumer companies to exit Russia. Heineken’s successful departure stands in contrast to rival Carlsberg A/S, which saw plans to sell its business in the country upended by the government’s seizure of operations in July.
The new owner won’t have the right to sell the Heineken brand in Russia under the terms of the deal, the CEO said, and the Amstel brand will also be removed from the market. “Our intention was to pull as many international brands out as possible so we’re very happy that the Amstel brand, which is the second largest brand, is coming out,” he said.
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