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Anheuser-Busch InBev SA (NYSE:BUD) has reportedly reached an agreement to transfer its stake in a Russian joint venture to its Turkish partner, Anadolu Efes.
This move marks one of the final notable European divestments in Russia amidst ongoing geopolitical tensions. Anadolu Efes will gain full ownership of the business, reported Bloomberg.
AB InBev will not receive immediate payment, instead, future compensation will be contingent on the venture's performance. The report further noted the transaction is valued between $1.1 billion and $1.3 billion, as estimated by KPMG for Anadolu Efes.
The decision to divest comes after AB InBev's announcement last year to sell the stake, resulting in a $1.1 billion writedown, aligning with a broader trend where global corporations have been withdrawing operations from Russia following the country's invasion of Ukraine.
Many European companies have exited the Russian market, with some selling their businesses and others facing unilateral seizures by the Russian government.
Notably, in July, Russia took control of Baltika, the local unit of Carlsberg A/S (OTC:CABGY), under a presidential decree targeting entities from unfriendly nations.
In a related development, Heineken N.V. (OTC:HEINY) sold its Russian business to a local entity in August, leading to a loss of approximately €300 million for Heineken.
Price Action: BUD shares are trading higher by 0.30% at $63.04 in premarket on the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
