Carlsberg to acquire remaining shares in South Asia business

Carlsberg and CSAPL (Singapore) Holdings Pte. Ltd. have reached an agreement for Carlsberg to purchase the remaining 33.33% of CSAPL's shares. A major step forward in Carlsberg's Asian expansion strategy has been taken with this transaction.

Carlsberg's activities will be fully integrated with CSAPL, which owns 90% of Gorkha Brewery Private Limited (GBPL) in Nepal and 100% of Carlsberg India Pte Ltd (CIPL). CSAPL will additionally purchase an extra 9.94% of GBPL's shares as part of this deal. Following completion, Carlsberg will hold 99.94% of the company's operations in Nepal and 100% of its operations in India.

The entire amount paid for these transactions is USD 744 million, of which USD 207 million will be held by Carlsberg and released in the event that any claims under the share purchase agreement (SPA) after 3-5 years.

The transactions are anticipated to close in the fourth quarter of 2024, subject to the fulfillment of a few requirements, such as obtaining the required government clearances in Nepal. Beyond the Competition Commission of India's prior permission, no further antitrust clearances are needed for the deal.

"We're pleased that we've been able to reach an amicable agreement with our partner and achieve full control of two important Asian businesses," said Jacob Aarup-Andersen, CEO of Carlsberg Group, expressing his enthusiasm for the deal. Our Accelerate SAIL plan places a high focus on expanding in India, and we can now increase investments to take advantage of the long-term growth prospects in this dynamic beer market.

Carlsberg's financial statements will not be impacted by the transaction because CSAPL and CIPL have always been completely consolidated. After the additional GBPL shares are acquired, the Nepalese business, which is presently recorded as an associated company, will be completely incorporated into Carlsberg's financial statements.

For further details, contact:

Kenni Leth

Head of Group External Communications

Carlsberg Breweries A/S

Group Corporate Affairs

J.C. Jacobsens Gade 1

DK-1799 Copenhagen V Denmark

Tel: +45 5171 4368

Established in 1847 by brewer J.C. Jacobsen, Carlsberg is one of the leading brewery groups worldwide, with a diverse portfolio of brands and a presence in over 125 markets. For more information, visit carlsberggroup.com.