China Resources Snow Breweries Limited signed a non-binding agreement to acquire China operations of Heineken N.V. (ENXTAM:HEIA) for HKD 2.4 billion on August 3, 2018. China Resources Snow Breweries Limited entered into a master share purchase agreement to acquire China operations of Heineken N.V. on November 5, 2018. The consideration will be paid in cash. China operations of Heineken N.V. include three breweries. As part of the strategic partnership, Heineken N.V. China’s current operations will be combined with China Resources Beer (Holdings) Company Limited's operations and Heineken N.V. will license the Heineken N.V. brand in China to China Resources Beer (Holdings) Company Limited on a long-term basis. In related transactions, Heineken N.V. will acquire a shareholding of 40% in China Resources (Holdings) Co.,Ltd. and China Resources Beer (Holdings) Company Limited will own the other 60% in China Resources (Holdings) Co.,Ltd. and China Resources Beer (Holdings) Company Limited will acquire 5.2 million Heineken N.V. shares which is equivalent to a 0.9% shareholding in Heineken N.V. which are currently held in treasury. The consideration will be funded from internal resources and/or bank loans of China Resources Beer (Holdings) Company Limited. The acquisition is subject to due diligence and further negotiations, entering into definitive agreement, customary conditions and regulatory approval. The transaction is expected to close within 12 months after the date of share purchase agreement or any later date agreed in writing by the parties of transaction. The transaction will be immediately accretive to margins and accretive to EPS in the near term. J.P. Morgan acted as the sole financial adviser to Heineken. Miranda So, Paul Chow, Brian J. Snyder, Pritesh P. Shah, Samantha Lefland, Stephenie Fung, Patrick S. Sinclair, Jing Kang, Alon Gurfinkel and Omer Harel of Davis Polk acted as legal advisors to Heineken. Jan Willem Hoevers, Martin van Olffen, Paula Ravensbergen, Ravenne van de Paverd and Henk van Ravenhorst of De Brauw Blackstone Westbroek N.V. acted as legal advisors to Heineken. Allen & Overy LLP acted as legal advisor to this transaction. UBS acted as financial advisor to China Resources Beer (Holdings) Company Limited (SEHK : 291), parent of China Resources Snow Breweries Limited. China Resources Snow Breweries Limited completed the acquisition of China operations of Heineken N.V. (ENXTAM:HEIA) on April 29, 2019. China Resources Beer (Holdings) Company Limited also became a shareholder in Heineken. Rudolf Gijsbert Servaas van den Brink was appointed as a non-executive Director of China Resources Beer (Holdings) Company Limited. All required conditions and regulatory approvals were fulfilled. Lincoln International LLC acted as financial advisor to China Resources.