Russia blocks Anadolu Efes’ bid to acquire AB InBev’s stake in joint beer venture 

RUSSIA – Russian authorities have rejected Anadolu Efes’ renewed application to acquire Anheuser-Busch InBev’s (AB InBev) stake in their joint venture, AB InBev Efes. 

The decision was disclosed in a regulatory filing by Anadolu Efes on Turkey’s Central Securities Depository platform. 

“Pursuant to the notification made by the Russian regulatory authorities and considering the developments during the period, the relevant application has been rejected,” Anadolu Efes stated.  

The Turkish beverage giant added it is currently reviewing its next steps in consultation with AB InBev. 

AB InBev Efes was formed in 2018 to consolidate both companies’ operations in Russia and Ukraine. The joint venture manages 11 breweries across Russia and produces several prominent beer brands, including Klinskoe and Efes Pilsen. 

Following the onset of the Russia-Ukraine conflict in 2022, Belgium-based AB InBev announced its intention to exit the Russian market and initiated discussions to sell its 50% stake in the joint venture to Anadolu Efes.  

Although an agreement was reached in December 2023, Russian authorities blocked the transaction in August 2024. 

A subsequent agreement between AB InBev and Anadolu Efes involved the exchange of Russian and Ukrainian business interests. Under this deal, AB InBev would transfer its Russian stake to Anadolu Efes while acquiring Anadolu Efes’ stake in the Ukrainian business.  

However, the Russian government placed the joint venture’s assets under “temporary management” in January, transferring control to a group of companies called Vmeste. 

In its first-quarter 2025 financial results, Anadolu Efes excluded its Russian beer operations from its consolidated financials, classifying them instead as a “financial investment” due to the external control.  

CEO Onur Altürk emphasized the company’s focus on resilience and operational continuity within Russia, noting that the business landscape remains uncertain. 

Despite the challenging regulatory environment, Anadolu Efes reported a 7.7% increase in beer volumes in Russia to 6.3 million hectolitres during the quarter.  

However, net sales declined by 0.8% to TL13.72 billion (US$345.7 million), while gross profit dropped 1.2% to TL5.91 billion (US$148.8M).  

EBITDA (BNRI) fell 8% to TL1.96 billion (US$49.3M), while EBIT (BNRI) rose by 68.4% to TL2.46 billion (US$61.92M). Net income experienced a sharp decline of 78.9%, totaling TL389.9 million (US$9.8M). 

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