Heineken N.V. has announced it purchased approximately 2.5 million shares in Heineken from Mexican beverage firm and retailer Fomento Economico Mexicano (FEMSA) at a price of €92.75 per share (totalling €235 million) and approximately 1.3 million shares in Heineken Holding N.V. at a price of €77.25 per share (totalling €98 million), for an aggregate amount of €333 million.
The purchase is part of the sell-down offering by FEMSA of €2.7 billion in Heineken shares and €1.0 billion in Heineken Holding N.V. shares at the same prices per share, which was successfully completed this month.
'No Longer Hold Shares'
Upon completion of the purchase, FEMSA will no longer hold any shares in Heineken and Heineken Holding N.V. other than the Heineken Holding N.V. shares underlying the exchangeable bond.
Heineken said it will fund the share purchase from existing cash resources and credit facilities.
It said the impact on Heineken’s net debt/EBITDA (beia) ratio is expected to be minimal and will be earnings-per-share accretive.
Heineken intends to keep the purchased Heineken shares in treasury and the purchased Heineken Holding N.V. shares on its balance sheet.
Heineken Holding N.V.’s position as controlling shareholder in Heineken will not be affected.
In April, Heineken N.V. released its financial results for the first quarter of 2023, in which the group reported revenue of €7.63 billion (2022: €6.99 billion).
Net revenue (beia) was €6.38 billion and increased by 8.9% organically, with total consolidated volume declining by 3.1% and net revenue (beia) per hectolitre up 12.3%.
"We start the year with strong revenue growth driven by pricing and disciplined revenue management, while we materially increase investment behind our brands," said Dolf van den Brink, chairman of the executive board and CEO. "Business performance in Europe and the Americas regions is encouraging, with consumer demand holding up better than expected in the first quarter."