Carlsberg sells its Russian business, subject to regulatory approvals

Following our decision last year to sell our business in Russia and the subsequent extensive process of separating the business from the rest of the Carlsberg Group, Carlsberg has today signed an agreement to sell its Russian business.

The separation of the Russian business from the rest of the Carlsberg Group has been very complicated, including around 150 work streams across business functions and more than DKK 150m investments in brewery equipment and IT infrastructure in markets outside Russia.

The transaction is subject to a comprehensive regulatory approval process in Russia. This includes the filing of applications with the Russian Government Commission to obtain its approvals, which is mandatory under Russian law.

In addition, the transaction is subject to several customary conditions, including regulatory approval and fulfillment of certain conditions in a number of jurisdictions.

Consequently, the timing of the final completion of the transaction remains uncertain.

In order to ensure that the approval processes go as smoothly as possible, we cannot provide further details at this time.

 The sales agreement will not impact the 2023 earnings expectations.

 CEO Cees ’t Hart says:

“The signing of an agreement to sell the Russian business is a very important milestone in the highly complex separation and selling process. While it has been an extensive process, it has been important for us to reach the best possible solution for all stakeholders, including our more than 8,000 employees in Russia. We now look forward to receiving the necessary regulatory approvals.”