China Resources Beer Co., Ltd. (0291.HK), a large China beer brewer, announced on Monday that it will acquire Heineken's business in China for 2.36 billion HK dollars.
CR Beer has signed a purchase agreement with Heineken on November 5.
According to the agreement, Heineken International has agreed to sell its entire stakes in Heineken’s subsidiaries in Chinese mainland and Hong Kong to CR Beer at a estimated price of about 2.36 billion HK dollars, and the price will be further adjusted according to market practice.
CR Beer will complete the acquisition through its subsidiary, China Resources Snow Breweries.
Besides, the two sides signed a trade mark licensing agreement which allows CR Beer to use the Heineken brand on an exclusive basis in Chinese mainland, Hong Kong and Macau and also a long-term strategic cooperation framework agreement.
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