Carlsberg Divests Russian Interest to Local Management Team

Danish brewer Carlsberg plans to sell its stake in Russia's Baltika Breweries to longtime employees through a management buyout. Russian government approved sale of Carlsberg's assets to VG Invest for 34 billion roubles. Transaction includes cash and shareholdings in Carlsberg Azerbaijan and Kazakhstan.

In a significant move, Danish brewing giant Carlsberg has announced plans to sell its shares in Russia's Baltika Breweries to a team of longstanding employees, marking a management buyout expected to conclude swiftly.

The development follows a report by Reuters, stating that Russia's government approved the asset sale to VG Invest, a domestic entity closely associated with brewery holdings, for a substantial amount of 34 billion roubles, equivalent to $320.75 million.

Carlsberg will receive not only a cash payment but also shareholdings in Carlsberg Azerbaijan and Carlsberg Kazakhstan, thereby effectively divesting its Russian interests in a strategic realignment.

(With inputs from agencies.)