Heineken NV agreed to divest its Mexican packaging operations for an enterprise value of $1.23 billion, as the world’s third-largest brewer focuses on producing beer in the country.
Heineken is selling the Empaque business to Crown Holdings Inc., the Amsterdam-based brewer said in a statement. The sale will lead to a €300-million exceptional gain for Heineken.
The Amstel maker acquired the business in 2010, when it bought Mexican brewer Femsa. The unit, which had revenue of €495 million in 2013, makes metal beverage cans, glass bottles and aluminium closures. Empaque will continue as a supplier to Heineken after the sale.
The brewer was advised by Moelis & Co. and Gibson Dunn & Crutcher for the sale, it said.
Bloomberg News, edited by ESM
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