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Deal includes Costa Rica's Imperial beer and other assets

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Transaction expected to complete in first half of 2026

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Heineken net debt to increase by 3.2 billion euros

Sept 23 (Reuters) - Dutch brewer Heineken will

buy the beverage and retail businesses of Costa Rica's Florida

Ice and Farm Company for $3.2 billion in cash, it

said late on Monday, boosting its presence across Central

America.

Heineken will gain ownership of Costa Rica's century-old

Imperial beer brand through the deal, as well as a soft drink

business with its own brands and a PepsiCo ( PEP ) bottling licence.

South and Central American regions have become increasingly

attractive for leading brewers such as Heineken and

Anheuser-Busch InBev in the face of slowing sales

volumes in Europe and the United States.

The deal will unlock growth opportunities and enable

Heineken to enter "new profit pools" across Central America,

said Chief Executive Dolf van den Brink.

Heineken will buy the 75% of Distribuidora La Florida -

FIFCO's beverage, food and retail division - that it does not

already own, including more than 300 outlets in Costa Rica, as

well as operations in El Salvador, Guatemala and Honduras.

The deal also includes 75% of Nicaragua Brewing Holding, the

25% of Heineken Panama it did not already own plus full

ownership of FIFCO's non-beer business in Mexico.

The company began its partnership with FIFCO in 1986 and has

held a 25% stake in Distribuidora La Florida since 2002.

"This is a strategically sensible acquisition to us, though

the price paid seems high," said RBC Capital analyst James

Edwardes Jones.

The transaction, which is expected to complete in the first

half of 2026, will provide an immediate boost to Heineken's

operating margin and earnings per share before exceptional

items, the company said.

Heineken expects its net debt to increase by 3.2 billion

euros ($3.77 billion) after the deal. Net debt stood at almost

15.5 billion euros at the end of June.

FIFCO, which makes beers, wines, non-alcoholic beverages and

food, manages five production plants and 13 distribution centres

across Central America, the Dominican Republic, Mexico and the

United States. It exports to more than 10 countries.

($1 = 0.8478 euros)