In line with its long-term reorganization plan (?FEMSA Forward?), aiming to focus on its core businesses (retail and beverage), FEMSA recently announced it would create a logistic-distribution platform in the U.S., bringing together FEMSA's Envoy Solutions LLC with BradyIFS. At closing, FEMSA will receive around US$1.7 billion in cash and will hold a 37% stake in the new combined entity. Earlier this year, FEMSA announced the sale of the majority of its stake (around 14.75%) in Heineken N.V. (BBB+/Stable/A-2), for which it received about US$7 billion, and the sale of its minority stake in Jetro Restaurant Depot (JRD; not rated), for which it will receive about US$1.4 billion (33% in 2023 and the remainder in the next two years). In
