Heineken to Sell Mexican Packaging Unit to Crown, Will Book Gain

Heineken NV agreed to divest its Mexican packaging operations for an enterprise value of $1.23 billion, as the world’s third-largest brewer focuses on producing beer in the country.

Heineken is selling the Empaque business to Crown Holdings Inc., the Amsterdam-based brewer said in a statement today. The sale will lead to a 300 million-euro ($394 million) exceptional gain for Heineken.

The Amstel maker acquired the business in 2010 when it bought Mexican brewer Femsa. The unit, which had revenue of 495 million euros in 2013, makes metal beverage cans, glass bottles and aluminum closures. Empaque will continue as a supplier to Heineken after the sale.

The brewer was advised by Moelis & Co and Gibson Dunn & Crutcher for the sale, it said.