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Heineken N.V. completed its exit from Russia after selling its business operations there for just $1. The Dutch brewing company announced its withdrawal from the country following the historic sale amounting to just a dollar.
The amount literally means that Heineken is simply leaving its business in Russia, with its buyer getting the operations almost for free. The company said on Friday, Aug. 25, that it already received all the required approvals it needs to sell its operations to the Russian packaging and consumer goods firm, Arnest Group.
The sale will complete Heineken’s pullout from the Russian market. This is happening more than a year after the brewery first started its withdrawal process in March 2022.
According to CNN Business, Dolf van den Brink, the chief executive officer of Heineken, said the recent developments just show the considerable challenges being faced by major companies when leaving Russia. In fact, the company said it is also bound to lose a total of $323 million or €300 million from its deal with the Arnest Group.
It was mentioned that when Moscow initiated a full-scale attack on Ukraine to invade it in February 2022, a number of global brands left the country with others announcing plans to do it a bit later. However, as time went by, the Russians made it increasingly hard for Western companies to sell their assets in the country. Today, the Kremlins are requiring the firms to pay a large fee to the government for such sales.
Meanwhile, Reuters reported that the sale deal has no option to buy back the business and include all of Heineken’s seven breweries and other assets. The best thing about the agreement is probably the fact that the Arnest Group guaranteed the employment of the brewery’s 1,800 employees for three years.
Heineken said in a statement. “While it took much longer than we had hoped, this transaction secures the livelihoods of our employees and allows us to exit the country in a responsible manner.”
The company's CEO added, "We are happy we found a suitable buyer. We believe it is a reliable party and we are happy this process has come to an end and be able to leave Russia.
Photo by: Stella de Smit/Unsplash
