Q COSTARICA — Florida Ice and Farm Company S.A. (FIFCO) received authorization from the Comisión para Promover la Competencia (Coprocom)—Commission to Promote Competition—to proceed with the sale of its beverage, food, and retail business to HEINEKEN International B.V.
The resolution was issued on November 19, after determining that the transaction will not significantly affect competition in the country.
This decision allows the company to take one of the key steps toward closing the transaction, originally announced in September and approved by shareholders at an extraordinary general meeting held on October 7. At that meeting, 98.94% of the share capital voted in favor of transferring the business to the Dutch brewer.
The transaction amounts to US$3.25 billion and includes the transfer of the remaining 75% stake in Distribuidora La Florida S.A., as well as other companies linked to the beverage business in the region. With this transfer, HEINEKEN would assume control of the brands, plants, distribution centers, and commercial operations included in the transaction.
Although Coprocom’s authorization clears the way in Costa Rica, the transaction is not yet considered complete. FIFCO indicated that the agreement is subject to approval by other regulatory authorities in countries where the companies involved also operate, such as Guatemala, El Salvador, Honduras, Nicaragua, Mexico, and Panama.
Once all closing conditions are met, the company committed to promptly informing the market.