The Carlsberg Group and Sapporo Breweries have agreed to form a strategic joint venture covering Southeast Asia and Hong Kong, while also expanding their collaboration into the United Kingdom, in a move aimed at strengthening their premium beer portfolios and accelerating growth across key markets.
The partnership builds on the companies’ existing collaboration since 2024 to distribute Sapporo Premium Beer in Malaysia, Hong Kong and Singapore.
Under the agreement, the new joint venture will combine Carlsberg’s existing operations in Malaysia, Singapore, Hong Kong, Vietnam, Cambodia and Laos. The venture will also receive perpetual exclusive rights to produce and distribute Sapporo Premium Beer across these markets.
As part of the wider partnership, Sapporo will grant Carlsberg long-term licences to produce and distribute Sapporo Premium Beer in the United Kingdom and Myanmar. Both companies also plan to explore opportunities to introduce the Japanese premium beer brand into additional European and Asian markets.
Carlsberg will own a 75% stake in the joint venture and retain operational control, while Sapporo will hold the remaining 25%.
Under the transaction, Sapporo will pay Carlsberg US$643 million in cash for its minority stake. Carlsberg said the valuation represents a 21.3-times multiple of the joint venture’s 2025 earnings before interest and tax (EBIT). The Danish brewer intends to use the proceeds to reduce debt and for general corporate purposes.
Carlsberg said adding Sapporo Premium Beer to its portfolio would complement its existing portfolio of local and international brands, leveraging its established production and distribution network across Southeast Asia to further develop the Japanese premium brand.
Carlsberg Group Chief Executive Officer Jacob Aarup-Andersen said the partnership marked a significant expansion of the companies’ successful collaboration.
The transaction remains subject to regulatory approvals and customary closing conditions.
