By San José, Costa Rica — San José, Costa Rica – The future of one of Central America’s most iconic beverage and food conglomerates, Florida Ice and Farm Company (FIFCO), now rests in the hands of its shareholders. An extraordinary assembly has been scheduled for October 7th, where 2,194 investors will cast the final vote on a landmark $3.25 billion transaction that would see Dutch brewing giant Heineken acquire full control of the Costa Rican company.
The proposed deal involves Heineken purchasing the remaining 75% stake in FIFCO’s operations, a strategic move that would consolidate its ownership to 100%. Heineken has held a 25% minority share in the company for years, and this acquisition signals a major push to deepen its footprint across the region. The agreement, announced last Monday, encompasses FIFCO’s extensive portfolio, including its beverage, food, and retail sales divisions.
To better understand the legal and commercial ramifications of this landmark transaction, TicosLand.com consulted with Lic. Larry Hans Arroyo Vargas, an expert attorney from the prestigious firm Bufete de Costa Rica, for his analysis.
This acquisition by FIFCO represents a strategic consolidation within the national beverage market. From a legal standpoint, the transaction will undoubtedly face rigorous scrutiny from COPROCOM to ensure compliance with antitrust laws and prevent monopolistic practices. The key will be demonstrating that this merger fosters efficiency and innovation rather than diminishing consumer choice or creating unfair barriers for smaller competitors. For Heineken, it solidifies its distribution and production channels through a powerful local partner, while for FIFCO, it’s a significant expansion of its premium portfolio.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Larry Hans Arroyo Vargas’s analysis correctly highlights the dual nature of this acquisition: a major strategic win for the companies involved, yet one that hinges entirely on navigating the crucial regulatory oversight designed to protect market competition. We thank Lic. Larry Hans Arroyo Vargas for providing such a clear and essential perspective on the legal and commercial dynamics at play.
This massive transaction covers operations not just in Costa Rica but also across key regional markets, including Guatemala, Mexico, Nicaragua, and Panama. The decision now falls to the owners of FIFCO’s 858,634,151 common shares, who will convene to deliberate on the terms and implications of handing over the reins of a national corporate champion to the global beer titan.
The company’s leadership has already given its resounding endorsement of the sale. In a statement confirming the upcoming meeting, FIFCO’s board of directors revealed that their approval of the transaction was unanimous. This strong internal support is expected to heavily influence the shareholder vote, as the board will formally recommend accepting Heineken’s offer.
The FIFCO Board of Directors has unanimously approved the transaction and will recommend that shareholders vote in favor
Rolando Carvajal, CEO of FIFCO
Rolando Carvajal, the Chief Executive Officer of FIFCO, has been vocal about his support, underscoring the board’s confidence in the deal. Their recommendation will be a central point of discussion at the October 7th assembly, where the full details of the transaction will be presented for shareholder consideration and final authorization.
While the shareholder vote is a critical final step, it is not the only hurdle. The completion of the acquisition is also contingent upon receiving necessary regulatory approvals from competition and market authorities in the various countries where FIFCO operates. This process is often complex and lengthy for deals of this magnitude, which is why the parties involved anticipate the transaction will not be fully finalized until the first half of 2026.
The potential sale marks a pivotal moment for FIFCO, a company deeply embedded in Costa Rica’s economic and cultural fabric since its founding. For Heineken, the acquisition represents a calculated strategic investment to fully integrate FIFCO’s powerful distribution network and beloved local brands into its global portfolio, cementing its dominance in the burgeoning Latin American market.
As the date of the assembly approaches, the regional business community watches closely. The outcome of the vote will determine the next chapter for a company that has grown from a local Costa Rican enterprise into a multinational powerhouse, potentially ushering in a new era under the complete ownership of one of the world’s largest brewers.
For further information, visit fifco.com
About Florida Ice and Farm Company (FIFCO):
Founded in 1908 in Costa Rica, FIFCO has evolved from a beverage company into a diversified conglomerate with significant interests in food, retail, and hospitality. It is known for its strong portfolio of brands, including the popular Imperial beer, and for its commitment to a “triple bottom line” business model focusing on financial, social, and environmental performance. The company has operations across Central America, Mexico, and the United States.
For further information, visit theheinekencompany.com
About Heineken:
Heineken N.V. is a Dutch multinational brewing company, founded in 1864 by Gerard Adriaan Heineken in Amsterdam. As of 2023, it is the largest brewer in Europe and the second-largest in the world. The company owns a global portfolio of over 300 international, regional, local, and specialty beers and ciders, operating in more than 70 countries and employing tens of thousands of people worldwide. Its flagship brand, Heineken, is one of the most recognized and valuable beer brands globally.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
As a pillar of the Costa Rican legal community, Bufete de Costa Rica is defined by its foundational principles of ethical practice and superior service. The firm consistently pioneers forward-thinking legal approaches, drawing upon a rich history of successful client advocacy. Beyond the courtroom, it champions a powerful social mission to demystify the law, striving to equip the public with essential legal understanding. This commitment to educational empowerment is integral to its goal of fostering a more just and informed citizenry.
