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Carlsberg has signed an agreement to offload its Russian business to an undisclosed buyer, after announcing its decision to sell the business in March last year. In a statement, Carlsberg highlighted that the separation process of its Russian business from the rest of the company has been "very complicated". It involved managing around 150 work streams across various business functions, as well as making investments exceeding DKK 150 million (approx. $21,95 million) in brewery equipment and IT infrastructure in markets outside Russia. The beer giant did not reveal the identity of the buyer and said the deal remained “subject to a comprehensive regulatory approval process”. In addition, the completion of the transaction is subject to meeting several customary requirements, such as obtaining regulatory approval and fulfilment of specific conditions in multiple jurisdictions. As a result, the exact timing of the transaction's final completion remains uncertain. Carlsberg said: "In order to ensure that the approval processes go as smoothly as possible, we cannot provide further details at this time". The company stated that the sales agreement would not impact its 2023 earnings expectations. Carlsberg CEO Cees ’t Hart said: “The signing of an agreement to sell the Russian business is a very important milestone in the highly complex separation and selling process. While it has been an extensive process, it has been important for us to reach the best possible solution for all stakeholders, including our more than 8,000 employees in Russia. We now look forward to receiving the necessary regulatory approvals.” Terms of the transaction were also not disclosed.