The Dutch brewer Heineken NV has signed an agreement to acquire 100% of Sobol Beer LLC in Novosibirsk in western Siberia. The transaction will be funded from available cash resources.

With Heineken St Petersburg brewery growing by 15% to 20% per annum, the acquisition will provide for immediate additional production capacity for the national brands Bochkarev and Ohota, the company said in a statement.

Jean Francois van Boxmeer, member of the executive board of Heineken NV said: "This acquisition fits perfectly with our growth strategy for Russia following our recent acquisition of the Shikhan and the Volga Breweries. It reinforces our number three position and further strengthens our distribution and sales platform in this fast growing beer market."

This transaction is subject to regulatory approval. As agreed by both parties the acquisition price will not be published.

The brewery was newly constructed in August 2003 and has a production capacity of 1.2m hectolitres. It is currently producing the Sobol and Zhigulevskoye brands with a total volume of 0.2m hectolitres.