Heineken has now formally finalized a billion-dollar deal with the largest beer brewer in China. According to a statement, all transactions were settled, it turned out Tuesday. It is now possible to start implementing the strategic cooperation. The deal with China Resources Beer (CR Beer) costs Heineken a total of more than 1.9 billion euros, as was announced earlier. That is good for a participation of 40 percent. In practice, this means that Heineken sells its assets in China to CR Beer and that they market Heineken’s licensed beer through their widely branched distribution network. Heineken earns money through royalties, which it then partly wants to invest in China again. CR Beer is Snow’s brewer, the largest beer brand in the world by volume. The agreement will give Heineken more options to promote its own brands in the largest beer market in the world. Chinese people who have more money to spend often opt for more expensive, so-called premium brands. Heineken pays 24.4 billion Hong Kong dollars (2.7 billion euros) for the stake in CR Beer, which in turn buys 464 million euros worth of shares in Heineken. That amounts to an interest of 0.9 percent. CR Beer will also be in control of three Chinese breweries from Heineken, valued at 263 million euros.