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A multinational company, **Tolaram**, is set to acquire **Diageo’s 58.
02% shareholding in Guinness Nigeria Plc**.
This was disclosed in a document filed with the Nigeria Stock Exchange and signed by the Company Secretary of Guinness Nigeria Plc, **Abidemi Ademola**, on Tuesday.
According to Ademola, the acquisition will enable Tolaram to acquire a commanding role in Nigeria’s beverage companies.
He stated that the transaction, expected to be completed during **Fiscal 2025**, was subject to requisite regulatory approvals.
He added that as part of the agreement, Tolaram would enter into long-term license and royalty agreements to continue the production of the Guinness brand, as well as Diageo’s locally manufactured ready-to-drink and mainstream spirits brands.
The company secretary noted that despite selling its majority stake, Diageo would retain ownership of the Guinness brand, which would be licensed to Guinness Nigeria for the long term.
The statement partly reads, “Under the terms of an agreement signed today, 11 June 2024, Tolaram will acquire Diageo’s 58.
02% shareholding in Guinness Nigeria, and enter into long-term license and royalty agreements for the continued production of the Guinness brand and its locally manufactured Diageo ready-to-drink and mainstream spirits brands.
The transaction is expected to be completed during Fiscal 2025, subject to obtaining the requisite regulatory approvals in Nigeria.
Diageo remains deeply committed to Nigeria and will retain ownership of the Guinness brand, which will be licensed to Guinness Nigeria for the long-term, enabling the next phase of growth and development of Guinness Nigeria under the stewardship of Tolaram.
Following the completion of the transaction, Guinness Nigeria will remain listed on the Nigerian Exchange Ltd.
and Tolaram intends to launch a mandatory takeover offer in compliance with local law requirements, ensuring a smooth transition and continued investor confidence.
”Commending the partnership, the Board Chair of Guinness Nigeria, **Omobola Johnson**, said, “Today’s announcement represents a significant opportunity for the next phase of growth for Guinness Nigeria.
This partnership brings together Tolaram’s deep expertise in manufacturing and distribution, and Diageo’s exceptional capabilities in brand building and innovation.
” The Managing Director of Tolaram Africa, **Haresh Aswani**, stated that the initiative would increase the company market share in Nigeria.
“We are thrilled to welcome Guinness Nigeria, a company with such a rich legacy and strong consumer loyalty, into our ecosystem.
This strategic move will expand our significant footprint in the Nigerian market and presents an opportunity to leverage our combined strengths to foster innovation and deliver immense value to our customers and shareholders across the nation,” he stated.
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