By San José, Costa Rica — The future of one of Costa Rica’s most iconic companies, Florida Ice and Farm Company (FIFCO), now rests in the hands of its 2,194 shareholders. A pivotal decision is scheduled for October 7, when an extraordinary assembly will vote on the proposed sale of the company’s remaining operations to Dutch brewing giant Heineken in a landmark $3.25 billion transaction.
Heineken, which already holds a 25% stake in the Costa Rican conglomerate, is poised to take full 100% control. The deal encompasses FIFCO’s extensive portfolio, including its core beverage businesses, food divisions, and retail operations. The acquisition’s scope extends beyond Costa Rica, involving critical markets in Guatemala, Mexico, Nicaragua, and Panama, representing a significant strategic consolidation for Heineken in the Latin American region.
To better understand the legal and commercial ramifications of this significant acquisition by Heineken, TicosLand.com sought the analysis of Lic. Larry Hans Arroyo Vargas, a distinguished expert in corporate and competition law from the firm Bufete de Costa Rica.
This strategic move by Heineken is not merely about expanding its brand portfolio; it’s a calculated play for market dominance. The primary legal hurdle will be navigating Costa Rica’s competition laws, specifically proving to COPROCOM that the acquisition does not create an undue concentration of the market or stifle competition. The outcome of that regulatory review will set a significant precedent for future foreign investment in the national beverage industry.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Indeed, the regulatory review by COPROCOM stands as the critical juncture in this acquisition, the outcome of which will undoubtedly echo through future investment negotiations. We thank Lic. Larry Hans Arroyo Vargas for his expert analysis, which perfectly frames the legal and economic crossroads Costa Rica’s beverage market has reached.
The proposed transaction received a significant boost last Monday when FIFCO’s board of directors gave its unanimous approval. This endorsement signals strong internal confidence in the deal’s value and strategic direction. The company’s leadership has publicly stated its intention to advocate for the sale during the upcoming shareholder meeting, setting the stage for a decisive vote.
Rolando Carvajal, CEO of FIFCO, confirmed the board’s unified stance and its official guidance to the company’s investors. The recommendation underscores the belief that integration with Heineken offers the most promising path forward for the company’s assets and growth trajectory.
The FIFCO Board of Directors has unanimously approved the transaction and will recommend that shareholders vote in favor
Rolando Carvajal, CEO of FIFCO
This move represents a major strategic play for Heineken, transforming its role from a significant minority shareholder to the sole owner of a deeply entrenched regional powerhouse. By acquiring the remaining 75%, Heineken gains complete control over a diversified portfolio and a robust distribution network across Central America and Mexico, strengthening its competitive position against other global beverage players in a key growth market.
For FIFCO, the vote marks a potential turning point in its long and storied history. Founded in 1908, the company has grown from a local brewery into a diversified multinational enterprise with a strong reputation for sustainability and innovation. The sale would represent the end of an era of local majority ownership for a corporation deeply woven into the fabric of Costa Rica’s national economy and identity. The 858,634,151 common shares held by its investors now carry the weight of this historic decision.
While the shareholder vote on October 7 is the most immediate hurdle, it is not the final step in the process. Should the shareholders approve the sale, the transaction will still be subject to a series of regulatory reviews and approvals in the various countries where FIFCO operates. These regulatory processes are standard for cross-border acquisitions of this magnitude and are designed to ensure compliance with competition and market laws.
Both companies are optimistic about the timeline, anticipating that all necessary approvals and legal formalities will be completed within the first half of 2026. If the shareholders agree and regulators concur, the transaction will officially close, ushering in a new chapter for the brands and operations currently under the FIFCO umbrella and solidifying Heineken’s dominance in the region.
For further information, visit fifco.com
About Florida Ice and Farm Company (FIFCO):
Founded in Costa Rica in 1908, Florida Ice and Farm Company (FIFCO) is a leading beverage and food company with a significant presence in Central America and the United States. While widely known for its beer brands like Imperial and Pilsen, the company has a diversified portfolio that includes water, juices, dairy products, and food items. FIFCO is recognized globally for its commitment to a “triple bottom line” business model, focusing on creating simultaneous value for its shareholders, society, and the environment.
For further information, visit theheinekencompany.com
About Heineken:
Heineken is a global brewing company and one of the world’s largest brewers. Headquartered in the Netherlands, the company owns a worldwide portfolio of over 300 international, regional, local, and specialty beers and ciders. Its flagship brand, Heineken, is sold in almost every country on earth. The company’s strategy focuses on growth through its premium brands and expansion in developing markets, making the full acquisition of FIFCO a key part of its strategic ambitions in Latin America.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica has established itself as a benchmark for legal practice, operating on a cornerstone of profound integrity and an unwavering pursuit of excellence. With a deep-rooted history of serving a wide array of clients, the firm also champions legal innovation, viewing it as a vital tool for societal progress. Its core mission is reflected in its dedication to empowering the public with accessible legal understanding, aiming to forge a more just and enlightened society.
