Carlsberg, Sapporo form joint venture across Southeast Asia and Hong Kong

ASIA – Carlsberg Group has entered into a strategic joint venture agreement with Sapporo Breweries to expand their partnership across Southeast Asia and Hong Kong while establishing a long-term collaboration in the United Kingdom.  

The agreement strengthens both companies’ presence in key international beer markets and builds on their successful collaboration in Malaysia, Hong Kong and Singapore since 2024. 

The joint venture will combine Carlsberg’s existing operations in Malaysia, Hong Kong, Singapore, Laos, Vietnam and Cambodia. Under the agreement, the new venture will also receive perpetual exclusive rights to produce and distribute Sapporo Premium Beer across these markets. 

In addition, Sapporo will grant Carlsberg long-term licences to produce and distribute Sapporo Premium Beer in the United Kingdom and Myanmar. The companies also plan to explore opportunities to introduce the premium Japanese beer brand into additional European and Asian markets. 

Carlsberg will own a 75% stake in the joint venture and retain full operational control, while Sapporo will hold the remaining 25% interest. 

According to the companies, Carlsberg will receive US$643 million in cash from Sapporo as part of the transaction. The consideration represents a 2025 EBIT multiple of 21.3 times. Carlsberg said it intends to use the proceeds to reduce debt and for general corporate purposes. 

The companies noted that Sapporo Premium Beer complements Carlsberg’s existing portfolio through its premium positioning and distinctive Japanese heritage. Carlsberg’s established production and distribution network across the region is also expected to support further growth of the Sapporo brand. 

The transaction remains subject to customary closing conditions and regulatory approvals. 

Carlsberg Group Chief Executive Officer Jacob Aarup-Andersen said the agreement represents a significant step in expanding the companies’ collaboration. 

“We’re excited to expand our successful collaboration with Sapporo. The new joint venture and long-term strategic partnership add Sapporo’s premium Japanese brand to Carlsberg’s strong portfolio of local and international brands and route-to-market capabilities in Southeast Asia and Hong Kong, enabling us to accelerate our growth ambitions in these important markets,” he said. 

“We look forward to working with our new partner as we expand our combined business together across the joint venture markets and beyond, and begin an exciting cooperation in the UK. The long-term strategic opportunities between the two companies are truly exciting.” 

Sapporo Breweries Chief Executive Officer Hiroshi Tokimatsu said the partnership strengthens the companies’ long-standing relationship. 

“We’re proud to further strengthen our long-standing and successful collaboration with the Carlsberg Group through this strategic partnership. By combining the strong brand equity we have built with Sapporo Premium Beer and the Carlsberg Group’s outstanding business platform across Asia and Europe, we aim to deliver even more premium and attractive experiences to customers around the world,” Tokimatsu said. 

“This partnership represents a significant milestone in our international business strategy, and we’re confident and encouraged to move forwards together as trusted partners.” 

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