Heineken will acquire Femsa Cerveza, comprising 100% of Femsa’s Mexican beer operations (including its US and other export business) and the remaining 83% of Femsa’s Brazilian beer business that Heineken doesn’t currently own.
As a result of the transaction, Femsa will hold a 20% economic interest in the Heineken Group (with shareholdings at both Heineken and Heineken Holding NV. A portion of the Heineken shares allotted to Femsa will be delivered over a period of not more than five years.
Femsa will have the right to appoint two non-executive representatives to the supervisory board of Heineken, one of whom will be a vice chairman of the Heineken NV supervisory board and will also be appointed to the board of directors of Heineken Holding. Heineken Holding will maintain its 50.005% stake in Heineken NV.
Based on the Heineken NV share price of €32.925, as at 8 January 2010, the implied equity value of Femsa Cerveza is €3.8bn. Including net debt and pension obligations of €1.5bn, the total implied enterprise value for Femsa Cerveza is approximately €5.3bn.
© FoodBev Media Ltd 2021
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