By Ian Walker

 

Heineken NV said Monday that it has agreed to buy Distell Group Holdings Ltd. for around 2.2 billion euros ($2.52 billion) as part of a plan to create a new South African business.

The Dutch brewer also said it is buying 25% of Heineken South Africa from Namibia Breweries Ltd. for EUR1.5 billion as well as Ohlthaver & List Group of Companies' 50.01% interest in NBL Investment Holdings (Proprietary) Ltd. Heineken already owns the 49.99% of NBl Investment.

Once the deals have completed, Heineken said it will contribute these assets as well as its interest in Heineken South Africa into a new company. Heineken will own 65% of the new business with Distell shareholders owning the rest.

"We have successfully built our business in Africa over 100 years. Today's announcement is a vote of confidence in the long-term prospects of South Africa and Namibia and we commit to being a strong partner for growth and to make a positive impact in the communities in which we operate," Heineken Chief Executive and Chairman Dolf van den Brink said.

 

Write to Ian Walker at ian.walker@wsj.com

 

(END) Dow Jones Newswires

November 15, 2021 02:21 ET (07:21 GMT)

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