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Dutch brewer Heineken exits Russia, selling business for 1 euro, taking $325 million hit

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Heineken said it would incur a total loss of 300 million euros ($325 million) for the sale to Russian manufacturing giant the Arnest Group.

THE HAGUE, Netherlands — Dutch brewer Heineken has completed its withdrawal from Russia, 18 months after Moscow launched its full-scale invasion of Ukraine, selling its business in Russia for just 1 euro, the company announced Friday.

In March last year, Heineken had said it was quitting Russia as its business there was “no longer sustainable nor viable in the current environment,” but added that it wanted to ensure an “orderly transfer” to a new owner.

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Heineken Sells Russia Business…for $1The deal with Russia’s Arnest Group comes after Moscow seized the local assets of Danish beer rival Carlsberg.
Source: WSJ - 🏆 98. / 63 Read more »