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Heineken buys back €333m in shares from FEMSA

Heineken has bought €333 million worth of its shares from Mexican Coca-Cola bottler, Fomento Economico Mexicano SAB (FEMSA). The beer giant purchased approximately 2.5 million shares in Heineken at a price of €92.75 per share (totalling €235 million) and approximately 1.3 million shares in Heineken Holding at a price of €77.25 per share (totalling €98 million) for an aggregate amount of €333 million. Credit Suisse and De Brauw Blackstone Westbroek are acting as advisors to Heineken. The purchase is part of the sell-down offering by FEMSA of €2.7 billion in Heineken shares and €1 billion in Heineken Holding shares at the same prices per share, which was successfully completed today. The beer giant says that upon completion of the purchase, FEMSA will no longer hold any shares in Heineken and Heineken Holding other than the Heineken Holding shares underlying the exchangeable bond. Heineken will fund the share purchase from existing cash resources and credit facilities. The company states that it intends to keep the purchased Heineken shares in treasury and the purchased Heineken Holding shares on its balance sheet. This latest announcement comes after Heineken bought back €1 billion in shares in February when FEMSA’s exit began. At the time, FEMSA chose to divest its stake in the brewer after it carried out a strategic review of its business platform to shore up share price. It determined a series of actions and divestitures to achieve strategic focus, including offloading its holding in Heineken. A few days later in February, American billionaire Bill Gates announced that he had purchased 10.8 million shares (a 3.8% stake) in Heineken Holding, worth €883 million at current market prices, according to Reuters.

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