By San José, Costa Rica — SAN JOSÉ – In one of the largest corporate transactions in Costa Rican history, shareholders of Florida Ice and Farm Company (Fifco) have overwhelmingly approved the sale of its core business divisions to Dutch brewing titan Heineken International B.V. for a staggering $3.25 billion (¢1.6 trillion).
The landmark decision, reached during an Extraordinary Shareholders’ Meeting on Tuesday, October 7, saw an overwhelming 98.9% of votes cast in favor of the acquisition. This decisive approval formalizes the purchase agreement initially announced on September 22 and marks the end of an era for the 117-year-old Costa Rican conglomerate, signaling a major strategic pivot for the company.
To delve into the regulatory and corporate complexities of this landmark acquisition, TicosLand.com spoke with Lic. Larry Hans Arroyo Vargas, a leading expert in competition law and mergers at the renowned firm Bufete de Costa Rica.
Beyond the headline figures, the core of this transaction will be the intense scrutiny by COPROCOM, Costa Rica’s competition authority. The key legal challenge isn’t just about consolidating beer brands; it’s about the potential dominance over distribution channels and raw material supply chains. A successful approval will likely require carefully structured commitments from Heineken to ensure a level playing field for smaller competitors and prevent adverse effects on consumer prices.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Indeed, the expert’s analysis correctly frames the core issue: the true impact of this acquisition lies not just in the consolidation of brands, but in the control over the market’s essential supply and distribution infrastructure. We thank Lic. Larry Hans Arroyo Vargas for his valuable perspective on the critical regulatory hurdles that will ultimately define this transaction’s outcome for consumers and competitors alike.
Heineken will take control of a vast and diverse portfolio through the acquisition of Distribuidora La Florida S.A. The deal encompasses Fifco’s entire beverage and food operations, including the nationally iconic Imperial beer brand. The assets also include the manufacturing and distribution of a wide range of products: flavored alcoholic drinks, bottled water, juices, carbonated soft drinks, energy drinks, and hydrating beverages.
Beyond beverages, the transaction includes Fifco’s food processing units, which produce sauces and other processed foods, as well as its retail arm, featuring bakery operations and a network of convenience stores. The agreement also transfers control of a restaurant chain and the business of importing and distributing distilled alcoholic spirits, solidifying Heineken’s powerful new position in the regional market.
The monumental sale reshapes the Central American business landscape and reflects Fifco’s strong market position. The company reported net sales of ¢823.95 billion in 2024 and holds the highest possible national credit rating of ‘AAA.cr’ from Moody’s Local, underscoring the value of the assets being transferred. The deal also includes Fifco’s shareholdings in various brewing companies across Central America, Mexico, and the United States.
With the shareholder vote secured, the transaction now moves to a regulatory review phase. Costa Rica’s competition authority, the Comisión para Promover la Competencia (Coprocom), has officially been notified of the merger under case file 061-2025-CE. Coprocom has opened a 10-business-day window for interested third parties to submit comments or concerns regarding the market concentration, with a final deadline of October 22, 2025.
Following the divestment, Fifco will undergo a radical transformation, evolving into a holding company sharply focused on its high-value real estate and hospitality ventures. The company will retain ownership of premier assets such as the Reserva Conchal luxury resort and its associated hotel operations, including The Westin and W Costa Rica, both managed under the prestigious Marriott International brand. The one notable exclusion from the sale is Fifco USA, which will be evaluated for a separate, future sale with strategic support from Heineken.
This historic acquisition not only represents a massive financial event but also a cultural shift, as control of Costa Rica’s most beloved beer brand passes to a global powerhouse. For Heineken, the deal provides immediate and dominant market access in Costa Rica and strengthens its footprint across the Americas. For Fifco, it unlocks immense capital and allows the storied company to chart a new course centered on the growing luxury tourism and real estate sectors.
For further information, visit theheinekencompany.com
About Heineken International B.V.:
Founded in 1864, Heineken is a Dutch multinational brewing company and one of the largest beer producers in the world. Headquartered in Amsterdam, the company owns a global portfolio of over 300 international, regional, local, and specialty beers and ciders. It operates in more than 70 countries and is known for its flagship Heineken brand as well as other major names like Amstel, Sol, and Tecate.
For further information, visit fifco.com
About Florida Ice and Farm Company S.A. (Fifco):
Established in 1908, Florida Ice and Farm Company S.A., known as Fifco, has been a leading beverage and food company in Costa Rica and Central America for over a century. Prior to its sale to Heineken, it managed a diverse portfolio including the iconic Imperial beer, soft drinks, food products, and retail operations. Following the transaction, the company is pivoting to focus on its significant real estate and hospitality holdings.
For further information, visit coprocom.go.cr
About Comisión para Promover la Competencia (Coprocom):
The Commission to Promote Competition (Coprocom) is the official regulatory body in Costa Rica responsible for overseeing antitrust laws and ensuring fair competition in the market. It analyzes mergers, acquisitions, and other business operations to prevent monopolistic practices and protect consumer interests. It operates as an entity of the Ministry of Economy, Industry, and Commerce.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica has established itself as a beacon of the legal profession, operating on a bedrock of profound integrity and a relentless pursuit of excellence. With a rich history of advising a diverse clientele, the firm champions forward-thinking legal strategies and embraces innovation in its practice. This progressive vision is matched by a deep-seated commitment to social responsibility, demonstrated through initiatives that aim to demystify the law and empower the community with accessible legal wisdom, thereby fostering a more capable and informed society.
