Heineken N.V. (ENXTAM:HEIA) agreed to acquire the remaining 25% stake in Heineken South Africa (Pty) Limited from Namibia Breweries Limited (NMSE:NBS) on November 15, 2021. In related transactions, Heineken will make recommended offer to acquire Distell Group Holdings Limited and acquire Ohlthaver & List Group of Companies' 50.01% interest in NBL Investment Holdings (Proprietary) Limited. The transaction is subject to customary and applicable (including regulatory and shareholder) approvals.

Expression of support has been received from 68% of the votes of minority shareholders of Namibia Breweries. The Transaction is expected to complete in the year 2022. The Transaction is expected to be EPS (beia) accretive within the first year post completion.

Upon completion HEINEKEN's pro-forma net debt/EBITDA (beia) ratio is expected to increase marginally. On September 9, 2022, South Africa's Competition Commission approved Heineken's purchase. The Commission recommended that the Competition Tribunal, which makes the final decision, approve the merger subject to conditions.