Heineken N.V. has signed a binding agreement to acquire the multi-category beverage portfolio and proximity retail business of the Florida Ice and Farm Company S.A. (FIFCO) for $3.2 billion.

Heineken says this transaction builds on a long-standing partnership that began in 1986 and was strengthened in 2002 with the acquisition of a 25% stake in FIFCO's beverages business in Costa Rica, Distribuidora La Florida.

The deal further advances Heineken’s EverGreen strategy, driving premiumization, innovation and growth across high-potential markets. Costa Rica will become one of Heineken's Top 5 operating companies by operating profit, expanding its presence with a diverse portfolio of beverage brands — including Imperial beer — and a well-established retail network. 

The transaction also includes Panama, where Heineken will acquire the remaining 25% of Heineken Panama, securing full ownership of the country’s fastest-growing brewer. In addition, it further strengthens Heineken’s regional presence through an equal partnership in Nicaragua’s market-leading beer and beyond beer company, as well as ownership of diversified food and beverage operations in Guatemala.

Upon completion, Heineken will acquire the following FIFCO interests:

• 75% stake in Distribuidora La Florida, covering its beverages, food and retail division, which includes more than 300 proximity retail outlets in Costa Rica (Musmanni & Musi) and overall operations, extending into El Salvador, Guatemala and Honduras. FIFCO is exploring strategic alternatives for FIFCO USA.
• 75% stake in Nicaragua Brewing Holding, which holds a 49.85% indirect stake in Compañía Cervecera de Nicaragua.
• 25% minority interest in HEINEKEN Panama.
• 100% stake in FIFCO’s beyond beer business in Mexico.

Following completion, Heineken and/or its affiliates will hold 100% ownership of Distribuidora La Florida, Heineken Panama and FIFCO Mexico, and 49.85% of Compañía Cervecera de Nicaragua.

“Today marks a transformative milestone for Heineken as we join forces with FIFCO to unlock new growth opportunities,” says Dolf van den Brink, Heineken chairman and CEO. “By integrating FIFCO’s iconic brands, deep market expertise and exemplary sustainability credentials, we are accelerating our EverGreen strategy and entering new profit pools across Central America. This partnership is grounded in decades of shared values and trust, providing a robust foundation for long-term value creation. I am excited to welcome FIFCO's talented team and am confident that our shared strengths — HEINEKEN’s global best practices and FIFCO’s unmatched local knowhow — will drive excellence and deliver exceptional growth for our employees, customers, and stakeholders throughout the region.”

Completion of the transaction is subject to customary regulatory approvals and the approval by FIFCO’s general shareholders’ meeting, which will take place in October 2025. The transaction is expected to be complete in the first half of 2026. 

The deal has been approved unanimously by the FIFCO board of directors, which includes representatives of FIFCO's key shareholders.

“This agreement honours FIFCO’s legacy and brings complementary strengths that expand the organisation’s capabilities, operational reach, and future potential," says FIFCO Chairman Wilhelm Steinvorth. "FIFCO and HEINEKEN have shared a successful long-term partnership, built on strategic alignment, shared values and a deep commitment to sustainability. Today, we are proud to take this step forward with an admired company that respects our cultural identity and offers a global platform for our iconic brands — like Imperial — to thrive and evolve.”