Heineken to Acquire Costa Rica’s FIFCO Businesses in $3.2 Billion Deal

Heineken announced it will acquire the beverage and retail operations of Costa Rica’s Florida Ice and Farm Company (FIFCO) in a $3.2 billion all-cash deal, significantly strengthening its presence in Central America. The agreement gives Heineken full ownership of FIFCO’s century-old beer brand “Imperial,” a soft drink business with in-house brands, and a PepsiCo bottling license.

The world’s second-largest brewer will purchase the remaining 75% stake in Distribuidora La Florida, FIFCO’s beverage, food, and retail arm, which operates more than 300 outlets in Costa Rica and has operations in El Salvador, Guatemala, and Honduras. The deal also includes a 75% stake in Nicaragua Brewing Holding, a 25% share in Heineken Panama, and full control of FIFCO’s beyond beer business in Mexico.

The transaction, expected to close in the first half of 2026, will be immediately accretive to Heineken’s operating margin and earnings per share before exceptional items. However, the brewer noted its net debt will increase by €3.2 billion ($3.77 billion) as a result.

Heineken’s partnership with FIFCO dates back to 1986, with a 25% stake acquired in Distribuidora La Florida in 2002. In 2024, the division generated $1.13 billion in net revenue and $278 million in operating profit, excluding FIFCO USA. FIFCO manages five production plants and 13 distribution centers across Central America, Mexico, the Dominican Republic, and the U.S., exporting to more than 10 countries.

The acquisition comes as Heineken seeks growth despite recent warnings of softer volumes and global market volatility, including the impact of U.S. trade tariffs. Meanwhile, FIFCO is exploring strategic options for its U.S. unit.