Heineken Raises Funds Through Euro Bond Sale for FIFCO Acquisition

Heineken is issuing a three-part euro-denominated bond to finance its $3.2 billion acquisition of FIFCO's beverage and retail businesses. The bonds will be rated A3 by Moody's and have yields of 70-140 basis points over mid-swaps. The acquisition will strengthen Heineken's position in Central America and expand its presence in El Salvador, Guatemala, and Honduras. BNP Paribas, Deutsche Bank, ING Groep, JPMorgan Chase, and Rabo Securities are managing the sale.

Heineken (OTC:HEINY) has announced the issuance of a three-part euro-denominated bond to finance its $3.2 billion acquisition of FIFCO's beverage and retail businesses across Central America. The bonds, rated A3 by Moody's, will carry yields of 70-140 basis points over mid-swaps. This financing move aims to strengthen Heineken's position in the region and expand its presence in El Salvador, Guatemala, and Honduras HEINEKEN to acquire FIFCO’s beverage and retail businesses, strengthening its presence across Central America^[1].

The acquisition, valued at $3.2 billion, includes acquiring the remaining 75% stake in Distribuidora La Florida, full ownership of HEINEKEN Panama, and expanded presence in Nicaragua and Guatemala. The deal is expected to be immediately accretive to operating margin and EPS, with an 11.6x EV/EBITDA multiple based on 2024 results. The transaction is subject to regulatory and FIFCO shareholder approvals and is expected to complete in H1 2026 HEINEKEN to acquire FIFCO’s beverage and retail businesses, strengthening its presence across Central America^[1].

The bonds are being managed by BNP Paribas, Deutsche Bank, ING Groep, JPMorgan Chase, and Rabo Securities. The issuance of these bonds underscores Heineken's commitment to sustainable growth and its strategic alignment with FIFCO, which shares a long-standing partnership and similar values in sustainability and innovation HEINEKEN to acquire FIFCO’s beverage and retail businesses, strengthening its presence across Central America^[1].

Post-acquisition, Costa Rica is expected to become one of Heineken's top 5 operating companies by operating profit, with anticipated run-rate cost savings of $50 million. The deal is part of Heineken's EverGreen strategy, which focuses on premiumization, innovation, and growth across high-potential markets HEINEKEN to acquire FIFCO’s beverage and retail businesses, strengthening its presence across Central America^[1].