AB InBev in talks to sell stake in AB InBev Efes to Anadolu Efes
MOSCOW. April 22 (Interfax) -Anheuser-Busch InBev (AB InBev) has decided to sell its non-controlling stake in joint venture AB InBev Efes, which combines the assets of the Belgian brewing giant and Turkey's Anadolu Efes in Russia and Ukraine.
AB InBev said it is holding negotiations with partner Anadolu Efes to acquire this stake.
AB InBev previously announced it is forfeiting all financial benefit from its stake in the joint venture. As a result, AB InBev is de-recognizing the investments in AB InBev Efes and will report a $1.1 billion non-cash impairment charge in non-underlying share of results of associates as part of its first quarter results announcement, the company said.
AB InBev Efes was formed in 2018 as a result of the merger of the Russian and Ukrainian businesses of Anadolu Efes and Anheuser-Busch InBev . The legal merger was finalized in March 2019 with the merger of JSC Moscow-Efes Brewery into JSC Sun InBev, which was renamed JSC AB InBev Efes.
AB InBev Efes overtook Carlsberg to become the leader on the Russian beer market in 2019. The company's brands include Spaten, Stella Artois, Hoegaarden, Klinskoye and Stary Melnik iz Bochonka, among others. AB InBev Efes has eleven breweries in Russia and three in Ukraine.
AB InBev Efes saw its net profit jump 130% to 5.04 billion rubles in 2021 on revenue up 11.1% to 85.38 billion rubles, the SPARK-Interfax showed.