The Carlsberg Group expects to close the deal on the sale of the Baltika brewing company in the coming days, reads a statement by the Carlsberg Group, Report informs.
As part of the deal, Carlsberg Group will receive shares in Carlsberg Azerbaijan and Carlsberg Kazakhstan from Baltika Breweries, which currently belong to the Russian legal entity.
"The deal is being completed through a management buy-out. The controlling shareholder of Baltika will be a company jointly owned on a parity basis by two long-serving top managers of the company," reads the statement.
Thus, as a result of the deal, Carlsberg will receive monetary compensation and retain its assets in Azerbaijan and Kazakhstan. Financial details of the deal will be published in the company's annual report for 2024, Carlsberg Group added.
Carlsberg Group CEO Jacob Aarup-Andersen stated that the deal will resolve legal disputes and intellectual property issues related to Baltika. He also emphasized that this solution is the best possible under the current circumstances.
Since December 2, Baltika is no longer under the temporary management of the Russian state, which had controlled the company since July 2023.
The new owner of Baltika will be a company created by two company executives who will take positions as general manager and deputy general manager. Baltika is the second-largest beer producer in Russia, operating eight plants.
Carlsberg Azerbaijan, located in Khirdalan, became part of the Carlsberg Group in 2008, and was renamed to Carlsberg Azerbaijan in 2017 following a rebranding.