Global law firm Norton Rose Fulbright has advised multinational brewing company Carlsberg on its agreement with Japan’s Sapporo Breweries to form a strategic joint venture covering Southeast Asia and Hong Kong.
The arrangement builds on the parties’ existing collaboration since 2024 in distributing Sapporo Premium Beer in Malaysia, Hong Kong and Singapore. The new joint venture will extend this footprint to additional Southeast Asian jurisdictions, including Vietnam, Cambodia and Laos.
Norton Rose Fulbright said the joint venture would be granted exclusive, ongoing rights to produce and distribute Sapporo Premium Beer across the agreed territories. Additionally, Carlsberg will secure long-term licensing rights to produce and distribute Sapporo Premium Beer in Myanmar and the UK.
Carlsberg said the company and Sapporo Breweries intend to explore further expansion opportunities across other markets in Asia and Europe.
Under the agreed ownership structure, Carlsberg will hold a 75% controlling interest, with Sapporo Breweries retaining the remaining 25%. The transaction includes a cash consideration of USD643 million payable to Carlsberg, which will be applied towards debt reduction and general corporate purposes.
Singapore-based partner Craig Loveless and senior associate Stephanie Teong led the Norton Rose Fulbright team, with support from global head of tax Dominic Stuttaford; head of IP, Europe, Middle East and Asia Mike Knapper; and Asia head of antitrust and competition Marc Waha.
Additional advice was provided by partners Claire O’Donnell, Mark Tricker and Charles Bremner, counsel Chris Bell and Nicolas Cassauba, as well as senior associates Elisabeth Trotter and Alex Redbourne.
Transaction completion is subject to customary closing conditions and regulatory approvals.
