Heineken N.V. (ENXTAM:HEIA) entered into binding agreement to acquire an additional stake in Heineken Panamá, S.A., Distribuidora La Florida Sa, Compania Cervecera de Nicaragua, S.A. and Fifco México, S.A. de C.V. from Florida Ice and Farm Company, S.A. for $3.2 billion on September 22, 2025. A cash consideration of $3.2 billion will be paid by Heineken N.V. As part of acquisition, Heineken will acquire 75% stake in Distribuidora La Florida, 49.85% stake in Compañía Cervecera de Nicaragua, 25% stake in HEINEKEN Panama and 100% stake in Fifco México. Post completion of transaction, Heineken N.V. owns 100% stake in Distribuidora La Florida, HEINEKEN Panama and FIFCO Mexico and 49.85% stake in Compañía Cervecera de Nicaragua.

The transaction reflects TEV/EBITDA multiple of 11.6x. For 2024, Distribuidora La Florida reported net revenue of $1.13 billion, EBITDA of $334 million and operating profit of $278 million.

The transaction is subject to approval by regulatory board / committee and approval of offer by FIFCO shareholders. The deal has been unanimously approved by the FIFCO board. On October 7, 2025, the shareholders of Florida Ice and Farm Company S.A. has approved the transaction.

The transaction is expected to complete in H1 2026. The transaction is expected to be immediately accretive to operating margin and EPS. As of January 15, 2026 Nicaraguan antitrust authority (PROCOMPETENCIA) approved the transaction.

UBS AG, London Branch acted as financial advisor and Daniel Brass and Louis L. Goldberg, Jack Gordge, Michael Mollerus, Pritesh P. Shah, Yana Kipnis, Veronica M. Wissel of Davis Polk & Wardwell LLP and Consortium Legal acted as legal advisor to Heineken N.V. Tony Del Pino, Carlos Ardila, Eric Kamerman, Jeff Tochner and Jason Cruise of Latham & Watkins LLP acted as legal advisor to Florida Ice and Farm Company, S.A. Luis M. Castro, Adriana Castro, Uri Weinstok and Carlos García of BLP Abogados acted as legal advisor to Florida Ice and Farm Company, S.A. BofA Securities, Inc. acted as financial advisor to Florida Ice and Farm Company, S.A.

Heineken N.V. (ENXTAM:HEIA) completed the acquisition of an additional stake in Heineken Panamá, S.A., Distribuidora La Florida Sa, Compania Cervecera de Nicaragua, S.A. and Fifco México, S.A. de C.V. from Florida Ice and Farm Company, S.A. on January 30. 2026. Heineken N.V received all regulatory and corporate approvals for the acquisition. Rolando Carvajal will join HEINEKEN and continue to lead the operations, ensuring business continuity while driving growth.