AB InBev finally able to leave Russia

AB InBev is finally able to leave its Russian joint venture: its Turkish partner Anadolu Efes takes over all of the shares for free. It is, however, possible that a “non-material” compensation follows later on.

In Turkish hands

After a year and a half of trying, AB InBev has managed to divest its Russian operations. The brewing group is passing on its stake to Turkish brewer Anadolu Efes, which already owned the other half of the joint venture. Although KPMG estimates the deal is worth more than one billion euros, De Tijd reports that no compensation is foreseen. Later on, AB InBev may be able to get one, depending on performance, but even then it would not be material anyway.

AB InBev already wrote off a billion from its Russian operations after the start of the war in Ukraine, when the brewing giant, like many Western multinationals, decided to leave the country. However, it took until now to turn that intention into reality. Even now, Russia has yet to officially give its consent to the takeover. The latter is a risky business, as Carlsberg’s Russian branch was simply seized by local authorities after the Danish brewer announced a buyer.