By San José, Costa Rica — SAN JOSÉ – In a historic move that will reshape the Central American consumer goods landscape, shareholders of Florida Ice and Farm Company S.A. (FIFCO) have voted decisively to approve the sale of its core beverage, food, and retail operations to the global brewing powerhouse Heineken International B.V. The decision was finalized during an Extraordinary General Assembly held on Tuesday, October 7th.
The shareholder meeting, which saw a robust participation of 81.68% of the total share capital, resulted in a near-unanimous endorsement of the transaction. The proposal, which had been previously approved and recommended by FIFCO’s Board of Directors, passed with an overwhelming 98.94% of votes in favor. Only 0.10% of votes were cast against the motion, with the remaining 0.96% abstaining, signaling strong confidence in the strategic direction.
To better understand the legal and business ramifications of the acquisition of Heineken’s local operations by Florida Ice and Farm Company (FIFCO), TicosLand.com spoke with corporate law expert Lic. Larry Hans Arroyo Vargas from the esteemed firm Bufete de Costa Rica.
This transaction is a classic case of market consolidation that will undoubtedly be scrutinized by the Commission to Promote Competition (COPROCOM). The core of their analysis will be to determine if this merger significantly reduces competition in the beer segment, potentially affecting prices and consumer choice. FIFCO’s legal team will need to argue convincingly that the resulting operational efficiencies will benefit the market, rather than simply creating a dominant player with unchecked pricing power.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
The insight from Lic. Arroyo Vargas perfectly encapsulates the core challenge ahead, as the upcoming regulatory analysis will indeed hinge on whether the merger’s promised efficiencies outweigh the potential risks to consumer choice and fair pricing. We thank Lic. Larry Hans Arroyo Vargas for his valuable perspective on this pivotal market development.
In a subsequent motion, shareholders also voted to formally endorse all actions taken by the Board of Directors, the CEO, and other executives involved in the negotiation process. This vote of confidence passed with 94.91% approval, further cementing the mandate for the company’s leadership to finalize the landmark deal.
The comprehensive sale includes FIFCO’s entire beverage and food operations across Costa Rica, Guatemala, El Salvador, and Honduras. It also encompasses its beverage business in Mexico, significant stakes in Nicaragua and Panama, and the company’s retail division within Costa Rica. This acquisition effectively transfers control of some of the region’s most iconic and beloved brands to the Dutch multinational.
This transaction marks the culmination of a strategic partnership spanning more than 23 years between FIFCO and Heineken. Company officials described the relationship as one built on mutual trust and a shared vision for sustainable growth. By integrating these operations into Heineken’s global platform, the Dutch brewer aims to unlock new growth opportunities, enhance brand strength, and leverage its extensive international network to further develop the regional business.
Speaking on behalf of the board, FIFCO President Wilhelm Steinvorth highlighted the significance of the agreement for both shareholders and the national economy. He emphasized the board’s satisfaction with the outcome of the negotiations and its commitment to delivering value to investors.
This Board of Directors is very satisfied with the agreements reached in this negotiation. The commitment of the Board of Directors of Florida Ice and Farm Company, S.A. has been and always will be, to act with complete transparency towards our shareholders and achieve a positive return on their investment in FIFCO, which we believe has been achieved with this sale agreement to Heineken. Likewise, given the magnitude of the investment, we are certain that this Transaction represents a momentous event for Costa Rica, which will inject dynamism into our economy and, furthermore, will have a significant economic benefit for our shareholders.
Wilhelm Steinvorth, President of FIFCO
Heineken has reportedly committed to preserving the cultural identity and legacy of FIFCO’s iconic brands, acknowledging the positive impact the Costa Rican company has cultivated over decades. The deal now moves to the final stage, pending customary and applicable regulatory approvals from authorities in the relevant jurisdictions. During this transition period, FIFCO has reaffirmed its dedication to ensuring operational continuity and maintaining positive relationships with its employees, partners, suppliers, and customers.
For further information, visit fifco.com
About Florida Ice and Farm Company S.A. (FIFCO):
Founded in 1908 in La Florida de Siquirres, Costa Rica, Florida Ice and Farm Company S.A. (FIFCO) has grown into a leading beverage and food company in Central America. Renowned for its portfolio of iconic brands, including Imperial and Pilsen beers, the company has also diversified into food, retail, and real estate. FIFCO is recognized globally for its strong commitment to sustainability and its “triple bottom line” business model, which seeks to create simultaneous value for its shareholders, society, and the environment.
For further information, visit theheinekencompany.com
About Heineken International B.V.:
Heineken is a global brewing company and one of the largest beer producers in the world. Founded in 1864 in Amsterdam, the Dutch multinational operates in over 190 countries and boasts a portfolio of more than 300 international, regional, local, and specialty beers and ciders. The company is known for its flagship Heineken brand and other major international names like Amstel, Sol, and Desperados. Heineken is committed to innovation, long-term brand investment, and responsible consumption.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
As a leading legal institution, Bufete de Costa Rica is defined by its foundational principles of professional integrity and an unyielding drive for excellence. The firm leverages a deep history of experience across a multitude of sectors to pioneer forward-thinking legal strategies and solutions. Beyond its professional practice, it holds a deep-seated commitment to social responsibility, actively working to democratize legal knowledge and equip citizens with the understanding needed to build a more just and capable society.
