Dutch brewer Heineken NV and Efes Breweries International NV, or EBI, a subsidiary of Turkey's Anadolu Efes, are unwinding their four-year-old joint ventures in Kazakhstan and Serbia following a strategic review, the companies announced Dec. 21.

They will complete the deal by exchanging minority cross-shareholdings. Heineken will sell its 28% stake in Efes Kazakhstan to EBI, while acquiring EBI's 28% holding in Central Europe Beverages, the holding company for the Serbian operations, thereby gaining full ownership. EBI will also pay its former partner $161 million.

Amsterdam-based Heineken, the world's third-largest brewer, said the Kazakhstan market offered attractive growth opportunities for its namesake brand in the international premium segment, and that Heineken would continue to export there.

In Serbia, Heineken leads the international premium segment with the Heineken brand; it also sells Amstel there as well as local brands PilsPlus, Zajecarsko, MB Pils and Master.