Heineken and Efes end overseas partnership
Dutch beer makers Heineken N.V. and Efes Breweries International N.V. are ending their partnerships in Kazakhstan and Serbia.
Heineken said Friday that it will sell its 28 percent stake in Efes Kazakhstan to Efes, which is a subsidiary of Anadolu Efes. And it will buy Efes's 28 percent stake in Central Europe Beverages, which is the holding company for the Serbian operations, giving it full ownership.
The deals will result in Efes paying Heineken $161 million. The transactions are expected to be completed by May of 2013.
The companies began working together in Kazakhstan and Serbia in 2008 but made the decision to unwind the partnerships after a strategic review.