Diageo To Sell Stake In Guinness Nigeria To Singaporean Firm


The foreign majority shareholder in Guinness Nigeria Plc, Diageo, has agreed to sell its controlling equity stake of 58.02 per cent to Tolaram, a Singaporean multinational.

The transaction is expected to close in fiscal 2025 pending regulatory approvals, according to an announcement made by Guinness via a press release on the official NGX website on Tuesday.

Diageo’s exit adds to the list of multinational corporations departing the country due to challenging economic conditions.

Under the terms of an agreement signed on Tuesday, Tolaram will acquire Diageo’s 58.02 per cent 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.

Tolaram will also undertake a mandatory tender offer to seek to acquire shares held by minority shareholders, in a transaction that could increase the new core investor’s controlling stake.

“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,” Guinness Nigeria stated.


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