L Loews Corporation

Dutch brewer Heineken NV (HEIA.AE) has agreed to buy 51.1% of Pivovarna Laško dd (PILR.LJ), a Slovenian peer, for 114.3 million euros ($120.9 million).

Heineken will buy 4.47 million shares in Pivovarna Laško, which sells beer under the Laško and Union brands, for EUR25.56 each, it said in a statement Monday.

"This acquisition strengthens our position within the region and will bring two complementary strong local brands into our existing portfolio," said Heineken Chairman and Chief Executive Jean-François van Boxmeer.

Shares in Ljubljana listed Pivovarna Laško traded one euro or 5% higher at EUR21 after the announcement. Heineken traded 44 euro cents or 0.6% higher at EUR77.13.

Write to Ed Ballard at ed.ballard@wsj.com