AB InBev (ABI) and Anadolu Efes have reached a new agreement for their joint venture (JV) in response to prolonged regulatory challenges in Russia. The revised arrangement follows the Russian government’s refusal to approve an earlier transaction proposed in December 2023 that would have transferred ABI's non-controlling interest in the AB InBev Efes JV entirely to Anadolu Efes (inside.beer, 8.8.2024).
In the updated terms, Anadolu Efes will assume exclusive ownership of ABI's Russian operations, while ABI will gain full control over the Ukrainian segment of the JV. This split seeks to streamline operations and allows ABI to continue its phased exit from the Russian market, aligning with its broader objective of reducing operational exposure in politically sensitive regions.
As previously reported, AB InBev halted Budweiser sales in Russia and recorded a significant USD 1.1 billion impairment related to its JV interests in the region earlier this year (inside.beer, 22.4.2024).
ABI, headquartered in Leuven, Belgium, continues to pivot its resources toward growth markets, focusing on its vast portfolio that generated USD 59.4 billion in revenue in 2023.
The transaction’s financial terms have not been disclosed, and the outcome remains dependent on a complex regulatory approval process, which lacks a definitive timeline. The global beverage industry will monitor the unfolding developments closely, as the ABI-Anadolu Efes JV restructuring could significantly influence market dynamics in Russia and Ukraine, and could provide insights into the future relationship and potential further collaborations between these two major beverage groups.
