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Kirin bowing out of Brazil beer market

Heineken to pay $870m for struggling local unit

Kirin has been restructuring in Brazil, having reached a deal last year to sell this plant in the state of Rio de Janeiro.

TOKYO -- Japan's Kirin Holdings will sell its Brazilian beer operations to Heineken of the Netherlands as soon as this year, leaving the huge market as the business loses its fizz to a stagnant economy.

The two breweries have largely agreed to an arrangement under which Heineken will pay around 100 billion yen ($870 million) for Brasil Kirin. Kirin is expected to take losses in the tens of billions of yen on the deal.

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