Heineken has agreed a £4.8bn (€5.3bn) all-shares deal to buy the brewing business of the Mexican maker of Sol.
Fomento Economico Mexicano SAB (Femsa) will gain a 20 per cent stake in Heineken through a deal which Heineken says will give it a significant interest in Mexico and Brazil. Heineken also stands to capitalise on growing exports of beer from South America to serve the Hispanic communities of the US.
“Through this deal we become a much stronger, more competitive player in Latin America, one of the world’s most profitable and fastest growing beer markets,” said Jean-François van Boxmeer, Heineken chief executive.
The deal is expected to be completed in the sexcond quarter of 2010. Heineken will pay Femsa 86m shares up front and 29m more over five years.
The Dutch brewer said it intends to send more European products into South America as well as vice versa.
Femsa will retain its soft drinks business.