January 14, 2008 / 4:58 PM / 12 years ago

Heineken buys Algerian brewer Tango

AMSTERDAM (Reuters) - Dutch brewer Heineken NV (HEIN.AS) said on Monday it has acquired Algeria’s Tango Brewery for an undisclosed sum, and that the deal will be “earnings enhancing” from 2008.

“The transaction has been funded from existing cash resources and will be earnings enhancing in 2008 and value enhancing in 2012,” Heineken said in a statement.

Tango Brewery has 350 staff and operates a brewing facility near Algiers, Heineken said.

“The brand portfolio consists of the leading national mainstream beer brand Tango, and two brands in the economy segment, Samba and Fiesta,” Heineken said, adding that the Algerian beer market was expected to grow at around 10 percent per year, based on a total volume of 1.1 million hectoliters in 2007.

Reporting by Reed Stevenson

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