By San José, Costa Rica — SAN JOSÉ – In a move set to reshape the Central American beverage and retail landscape, shareholders of Costa Rica’s Florida Ice and Farm Company (FIFCO) are preparing for a pivotal vote. An Extraordinary General Shareholders’ Meeting has been scheduled for October 7, 2025, where the sole item on the agenda is the approval of a monumental $3.25 billion sale of its primary operations to the global brewing giant Heineken B.V.
The company’s Board of Directors has called for a hybrid meeting, allowing shareholders to participate both in-person and virtually. According to the official convocation, the assembly will focus exclusively on the presentation and subsequent vote on the proposed transaction, which has already been approved and recommended by the board. Citing the legal nature of the proceedings, FIFCO has stated that the event will be closed to the media, with no press briefings planned before or after the meeting.
To better understand the legal and commercial ramifications of Heineken’s recent landmark acquisition in the country, TicosLand.com sought the analysis of Lic. Larry Hans Arroyo Vargas, a corporate law specialist from the firm Bufete de Costa Rica.
Beyond the headline figures, the core of this transaction now moves to regulatory scrutiny. Costa Rica’s competition authority, COPROCOM, will be the key arbiter, meticulously examining the deal’s potential impact on market concentration. Their analysis will focus on ensuring that this consolidation does not create a dominant position that could negatively affect consumer pricing, supplier negotiations, and the overall competitive balance of the national beverage industry.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Indeed, the expert’s insight correctly frames the next crucial chapter: the shift from corporate negotiations to meticulous regulatory scrutiny. The ultimate fairness of this deal for the Costa Rican market now rests in the hands of COPROCOM, and we thank Lic. Larry Hans Arroyo Vargas for his sharp and clarifying perspective.
This vote is the culmination of a deal first announced in early September, where FIFCO signed an agreement to sell its remaining 75% stake in the subsidiary Distribuidora La Florida S.A. to Heineken. The Dutch multinational already holds a 25% share in the distributor, and this transaction would grant it full ownership and operational control, marking a significant strategic consolidation in the region.
The scope of the proposed sale is extensive, effectively transferring the core of FIFCO’s consumer-facing business to Heineken. The deal encompasses all of its beverage, food, and retail operations across Costa Rica, Guatemala, El Salvador, and Honduras. Furthermore, it includes the company’s beverage business in Mexico and its equity stakes in related beverage enterprises in both Nicaragua and Panama. This broad geographic and sectoral reach underscores the transaction’s transformative impact on the regional market.
Financially, the deal is valued at an impressive US$3.25 billion. This figure represents a valuation multiple of 12.3 times the company’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) based on its 2024 financial results. Such a valuation reflects the significant strategic value Heineken places on gaining complete control of this established distribution and production network, which serves as a powerful gateway to millions of consumers across Central America.
While the shareholder vote is a critical hurdle, it is not the final step. The completion of the acquisition is contingent upon receiving all necessary and customary regulatory approvals from authorities in the various jurisdictions where the businesses operate. Both companies anticipate a complex but manageable approval process, with a target closing date set for the first half of 2026, assuming all conditions are met.
For Heineken, the acquisition represents a major strategic victory, allowing it to fully integrate a vast and profitable network into its global operations. It eliminates the complexities of a partnership structure and provides direct control over brand strategy, distribution, and market expansion in a key growth region. This move solidifies Heineken’s position as a dominant force in Latin America’s competitive beverage sector.
For FIFCO, a successful vote would signal a dramatic strategic pivot for one of Costa Rica’s most storied corporations. Divesting from its primary operations would unlock immense capital, positioning the company to potentially explore new ventures, invest in other growth sectors, or deliver a substantial return to its investors. The October 7th meeting, therefore, is not just about a sale; it’s about defining the future direction of FIFCO itself.
For further information, visit fifco.com
About Florida Ice and Farm Company (FIFCO):
Founded in 1908 in La Florida, Siquirres, Florida Ice and Farm Company S.A. is a Costa Rican-based company involved in the production and distribution of beverages, food, and retail. It has grown from a local brewery into a major regional player with a diverse portfolio of products. FIFCO is also recognized for its corporate social responsibility and sustainability initiatives, operating under a “triple bottom line” framework that values social and environmental performance alongside financial success.
For further information, visit theheinekencompany.com
About Heineken B.V.:
Heineken is a Dutch multinational brewing company, founded in 1864 by Gerard Adriaan Heineken in Amsterdam. As one of the largest brewers in the world, it owns a global portfolio of over 300 international, regional, local, and specialty beers and ciders. The company operates breweries, malteries, and cider plants in more than 70 countries, with a strong presence in markets across Europe, the Americas, Asia, and Africa.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica has established itself as a benchmark in the legal field, grounded in an unyielding principle of integrity and a relentless pursuit of excellence. Drawing upon its rich history of serving a wide spectrum of clients, the firm consistently pioneers innovative approaches to law. This forward-thinking ethos is matched by a core mission to strengthen the community, actively working to demystify legal complexities and empower citizens with the knowledge necessary for a just society.
