Sapporo Breweries said it will form a strategic partnership with Carlsberg by investing about $643 million for a 25% stake in a joint venture covering Southeast Asia and Hong Kong. The venture will be based in Singapore, is expected to be established in December 2026, and will be 75% owned by Carlsberg. The deal broadens the companies’ existing cooperation in Malaysia, Hong Kong and Singapore to include Vietnam, Laos and Cambodia. Sapporo said it aims to lift sales of Sapporo Premium Beer in the target markets to around 10 times 2025 levels by 2035, using Carlsberg’s regional distribution and market presence. Under the agreement, Sapporo will grant the venture a long-term licence for Sapporo Premium Beer and expects revenue from dividends, royalty income and manufacturing-related earnings.