MOSCOW, December 3. /TASS/. Denmark-based Carlsberg Group negotiated the sale of its shares in Baltika Breweries to the management of the Russian company, Carlsberg said.

"The Carlsberg Group has agreed to a sale of its shares in Baltika Breweries," the company informed. "The deal will be a management buy-out. The new controlling shareholder of Baltika Breweries will be a company owned equally by two longstanding Baltika employees, currently holding leading positions in the company. The two individuals will take over the management of Baltika Breweries as General Manager and Deputy General Manager, respectively," it noted.

The deal is expected to be closed in several days. "As part of the agreement, Baltika Breweries will transfer all its shareholdings in Carlsberg Azerbaijan and Carlsberg Kazakhstan to the Carlsberg Group," the Danish company added.

The sale was approved by the authorities of the two countries, Carlsberg noted.

"With today’s announcement, we will settle numerous lawsuits and IP rights issues related to Baltika Breweries. Considering the circumstances, we believe it is the best achievable outcome for our employees, shareholders and the continued business," Jacob Aarup-Andersen, the CEO of Carlsberg Group, said in a comment.

Carlsberg Group announced the decision to sell its business in Russia in late March 2022. It halted investments and exports to Russia and stopped production, sales and advertising of the Carlsberg brand at the same time.