Guinness Nigeria has announced that Singaporean firm Tolaram has signed an agreement to acquire the 58.02% shareholding of United Kingdom-based Diageo in the company, News About Nigeria reports.
Abidemi Ademola, the company’s secretary and legal director, disclosed this development in a statement on Tuesday.
The transaction, anticipated to conclude during Fiscal 2025, is subject to obtaining the necessary regulatory approvals in Nigeria.
Following the completion of this transaction, Guinness Nigeria will remain listed on the Nigerian Exchange Ltd.
Additionally, Tolaram intends to launch a mandatory takeover offer in compliance with local law requirements, subject to regulatory approvals.
Commenting on the acquisition, Omobola Johnson, Board Chair of Guinness Nigeria, stated, “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. I believe this is a winning combination that leaves Guinness Nigeria extremely well-placed to drive further growth in this market.”
Adebayo Alli, Managing Director and CEO of Guinness Nigeria, echoed this sentiment, saying, “Today’s announcement marks an exciting moment for Guinness Nigeria, our employees, and our customers. I look forward to working alongside Tolaram, one of the largest and most respected consumer goods companies in Africa, and am pleased to note Tolaram’s alignment with Guinness Nigeria’s values and its strong commitment to building an enduring and sustainable business.”
Haresh Aswani, Managing Director of Tolaram Africa, expressed enthusiasm about the strategic acquisition, stating, “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 present an opportunity to leverage our combined strengths to foster innovation and deliver immense value to our customers and shareholders across the nation.”
