⚡Carlsberg sold assets in Russia⚡

Danish brewing company Carlsberg has completed the sale of its Russian assets, including Baltika. According to Reuters, the deal amounted to 34 billion rubles ($320.75 million), which is significantly lower than the initial estimate of $1.06 billion. Although the amount has not been officially disclosed, Carlsberg said that this is the best solution to protect the interests of employees, shareholders and businesses. As part of the deal, Baltika’s shares in Carlsberg Azerbaijan, Carlsberg Kazakhstan and another Azerbaijani subsidiary will be transferred to Carlsberg in exchange for Hoppy Union’s Russian brewing asset. The new owner of Baltika will be a company registered under the name JSC “VG Invest” and managed by Egor Guselnikov, who is the vice president of sales of the Baltika brewing company.

The deal was the culmination of a long process of Carlsberg’s withdrawal from the Russian market, which began in March 2022 amid geopolitical tensions. In July 2023, after the announcement of the sale, Baltika was placed under the temporary management of the Federal Property Management Agency, which caused a conflict with Carlsberg, which accused Russia of “stealing” business. In December 2024, a decree by President Vladimir Putin removed the assets from temporary management, which allowed the sale to be completed.

Baltika Brewing Company, founded in 1990, is the second largest brewing company in the Russian Federation, operates 8 breweries in Voronezh, Novosibirsk, Rostov-on-Don, Samara, St. Petersburg, Tula, Khabarovsk and Yaroslavl. Recently, the media reported on negotiations on the possible purchase of two more breweries “Bouquet of Chuvashia” and “Bulgar Beer”. Baltika’s portfolio includes 40 brands, including such well-known brands as Baltika, Zhigulevskoye, Zatecky Gus, Don, etc. In addition to brewing, the company is also engaged in malt production and has two sites in the Tula and Yaroslavl regions with a total capacity of 240 thousand tons of malt per year. The company’s products are exported to different countries of the world. Over the past year, the company has not published data on beer production. According to our estimate, its market share is approaching 25% in the beer production market in 2023, making it the largest domestic brewing company in the country.