Carlsberg will expand Sapporo Premium Beer across Asian markets and the UK through a new joint venture and licensing partnership.
Carlsberg Group and Sapporo Breweries have agreed a new joint venture that will give Sapporo Premium Beer a larger production and distribution platform across Southeast Asia and Hong Kong, alongside a long-term partnership in the UK.
“We’re excited to expand our successful collaboration with Sapporo. The new joint venture and long-term strategic partnership add Sapporo’s premium Japanese brand to Carlsberg’s strong portfolio of local and international brands and route-to-market capabilities in Southeast Asia and Hong Kong, enabling us to accelerate our growth ambitions in these important markets,” said Carlsberg Group CEO Jacob Aarup-Andersen.
“We look forward to working with our new partner as we expand our combined business together across the joint venture markets and beyond, and begin an exciting cooperation in the UK. The long-term strategic opportunities between the two companies are truly exciting.”
What the joint venture covers
The agreement builds on the companies’ collaboration since 2024, when Carlsberg began selling Sapporo Premium Beer in Malaysia, Hong Kong and Singapore.
The joint venture will cover Carlsberg’s existing operations in Malaysia, Hong Kong, Singapore, Laos, Vietnam and Cambodia. It will also secure perpetual exclusive rights to produce and distribute Sapporo Premium Beer across those markets.
Carlsberg will own 75 percent of the joint venture and and will be overseen by a newly established board comprising representatives of both Carlsberg and Sapporo, with the former appointing the majority. Sapporo will take a 25 percent stake and pay Carlsberg USD 643 million in cash, a price that represents a 2025 EBIT multiple of 21.3x. Carlsberg plans to use the proceeds to repay debt and support general corporate purposes.
We’re excited to expand our successful collaboration with Sapporo. The new joint venture and long-term strategic partnership add Sapporo’s premium Japanese brand to Carlsberg’s strong portfolio of local and international brands and route-to-market capabilities in Southeast Asia and Hong Kong, enabling us to accelerate our growth ambitions in these important markets.”
Carlsberg Group CEO Jacob Aarup-Andersen
Growth plans beyond Asia
Sapporo will also grant Carlsberg long-term licences to produce and distribute Sapporo Premium Beer in the UK and Myanmar. The companies will explore opportunities to launch the brand in further European and Asian markets.
Carlsberg said its established route-to-market network across the joint venture territories gives Sapporo a platform to grow, while Sapporo’s premium Japanese positioning adds further strength to Carlsberg’s portfolio of local and international brands.
Sapporo Breweries CEO Hiroshi Tokimatsu added: “We’re proud to further strengthen our long-standing and successful collaboration with the Carlsberg Group through this strategic partnership. By combining the strong brand equity we have built with Sapporo Premium Beer and the Carlsberg Group’s outstanding business platform across Asia and Europe, we aim to deliver even more premium and attractive experiences to customers around the world.
“This partnership represents a significant milestone in our international business strategy, and we’re confident and encouraged to move forwards together as trusted partners. Looking ahead, we will leverage this alliance as a foundation to deepen our collaboration in both existing and new markets, driving sustainable growth and creating long-term value for both companies.”
The companies still need regulatory approvals and must satisfy customary closing conditions before they complete the transaction.
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