Moscow approves sale of Carlsberg’s Russian assets for $322mn

Danish brewer Carlsberg is selling its Russian unit, Baltika Breweries, to VG Invest for $322mn after President Putin ended state control, following a decree in July 2023. The deal, expected to close soon, involves a management buyout by Baltika employees and will settle lawsuits and IP rights issues, with Carlsberg also gaining control of assets in Azerbaijan and Kazakhstan. Analysts note that while Carlsberg avoids leaving empty-handed, companies that exited Russia at the war’s onset fared better financially.

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