Heineken is doubling down on Latin America with a landmark acquisition that gives the brewer full control of Costa Rica’s iconic Imperial beer brand, plus a major soft drink business and a PepsiCo bottling license.

The Dutch brewing giant announced it will purchase the remaining 75% of Distribuidora La Florida (DLF), a division of Florida Ice and Farm Company (FIFCO) that spans more than 300 retail outlets in Costa Rica and operations in El Salvador, Guatemala, and Honduras. The deal also covers 75% of Nicaragua Brewing Holding, the remaining 25% of Heineken Panama, and FIFCO’s non-beer business in Mexico.

Heineken CEO Dolf van den Brink said the move reflects shifting priorities as beer sales plateau in Europe and the U.S. “South and Central America are increasingly attractive for leading brewers like Heineken,” he explained. “This acquisition opens growth opportunities and new profit pools in the region.”

The two companies aren’t strangers—Heineken and FIFCO have worked together since 1986, with Heineken holding a 25% stake in DLF since 2002. Analysts see the move as strategically sound, though some note the price tag is steep.

The transaction, set to close in the first half of 2026, is expected to lift Heineken’s operating margin and earnings per share, but it will also push net debt up by €3.2 billion ($3.77 billion), adding to the company’s €15.5 billion debt load as of June.

FIFCO brings significant infrastructure to the table, with five production plants and 13 distribution centers across Central America, the Dominican Republic, Mexico, and the U.S., exporting to over 10 countries.

With Imperial in its portfolio, Heineken is betting big on Central America’s growing thirst for beer and beverages—staking its claim in a market poised to be its next major growth engine.