Turkey's Anadolu Efes names new terms for deal with Belgium's AB InBev for Russian assets

MOSCOW. Oct 23 (Interfax) - Turkey's Anadolu Efes has agreed new terms and conditions for the deal with Belgium's Anheuser-Busch InBev (AB InBev) regarding the Russian assets, Anadolu Efes said.

"Under the new agreement, Anadolu Efes will acquire AB InBev's stake in the Russian business, and AB InBev will acquire Anadolu Efes' stake in the Ukrainian business. Completing the transaction is subject to certain terms and conditions and regulatory approvals, as previously announced," the company said.

Anadolu Efes has not disclosed any other details.

Anadolu Efes was reportedly planning to buy AB InBev's stake in their joint Russian business, AB InBev Efes. The legal process was launched on December 19, 2023. However, the government's foreign investment control commission in June this year rejected the request of Efes Breweries International BV, through which Anadolu Efes operates worldwide, to complete the deal.

The press release indicates that all the shares of AB InBev Efes Russia, which Netherlands-based AB InBev Efes B.V. currently owns, would be transferred to another group company headquartered in Turkey, which is a wholly owned subsidiary of Anadolu Efes, subject to receipt of all necessary approvals and completion of the transaction.

AB InBev Efes B.V. will continue operating as usual during the process to approve the transaction.

AB InBev Efes was founded on March 30, 2018, by merging the businesses of AB InBev and Anadolu Efes in Russia. AB InBev Efes owns 11 factories and three malt complexes in Russia. The company boosted revenue 11.4% year-on-year to 108.6 billion rubles in 2023, and net profit rose to 16.7 billion rubles from 12.3 billion rubles in 2022. AB InBev Efes produced 23.2 million hectoliters (hl) of beer, and 527,700 hl of kvass, cider and, water in 2023.

AB InBev Efes is the last of the three largest brewing companies in Russia that is still controlled by foreign entities.