OREANDA-NEWS  The Dutch brewing company Heineken has announced that it has sold its Russian business for a symbolic €1. The assets were received by the Arnest Group. Heineken received a non-monetary loss from the sale in the amount of €300 million.

As noted in the Heineken report, Arnest received all 7 breweries. The buyer also provided employment guarantees for the next three years to all 1800 Heineken employees in Russia. The transaction does not provide for an option to repurchase assets.

At the same time, as part of the deal, Arnest Group must pay Heineken the historical intercompany debt of the Russian business in the amount of about €100 million in installments. The release also notes that the transaction will have a negligible impact on diluted earnings per share, and the company's financial forecast for 2023 will not change.

CEO and Chairman of the Management Board of Heineken Dolph van den Brink stressed that this is the end of the company's departure from Russia. "Although this transaction took much longer than we had hoped, it provided the livelihood of our employees and allowed us to leave the country responsibly," the company's press service quoted Dolph van den Brink as saying.

Arnest is the largest manufacturer of perfumery, cosmetics and household products in aerosol packaging in Russia and the CIS. It accounts for more than 53% of all aerosol products manufactured in Russia. The company is registered in Nevinnomyssk, Stavropol Territory. It produces products under contract with foreign brands Unilever, Beiersdorf, Colgate-Palmolive, L'Oreal, Coty, Oriflame, and also owns the brands "Prelest", "Simphony", "Dividend", "Garden", "Moskitol".