Carlsberg agrees to sell Russian arm

Carlsberg Group has struck a deal to sell its Russian business, it was confirmed on Friday, over a year since it first announced plans to quit the country.

The Danish brewer said the unit’s separation had been “very complicated” and the deal would now be subject to a “comprehensive” regulatory approval in Russia

It did not provide any further details, including financial terms, the buyer or when the deal would likely complete.

The world’s third-largest brewer said: “In order to ensure that the approval processes go as smoothly as possible, we cannot provide further details at this time.”

Cees ‘t Hart, chief executive, said: “The signing of an agreement to sell the Russian business is a very important milestone in the highly complex separation and selling process.

“While it has been an extensive process, it has been important to reach the best possible solution for all stakeholders, including our more than 8,000 employees in Russia.”

Carlsberg confirmed earlier this year that it expected to write down around 9.9bn Danish krone (£1.14bn) from the sale of the business, which was announced in direct response to the invasion of Ukraine. The sale is not expected to impact 2023 earnings expectations.

In 2021, Carlsberg generated around 10% of its revenues in Russia.