Diageo sells majority Guinness Nigeria stake for nearly £54m

By William Dodds

- Last updated on GMT

Guinness Nigeria was purchased for 81.60 Nigerian naira per share. Credit: Diageo
Guinness Nigeria was purchased for 81.60 Nigerian naira per share. Credit: Diageo
Global drinks manufacturer Diageo has sold its majority stake in Guinness Nigeria.

Diageo’s 58.02% shareholding was purchased by Singapore-based conglomerate Tolaram for 81.60 Nigerian naira per share, approximately 103bn Nigerian naira in total or £53.8m.

Despite divesting its stake in Guinness Nigeria, Diageo insisted it remains “deeply committed to Nigeria” ​and described the move to sell as the creation of a new model for the Guinness brand.

As part of this model, Diageo will continue to drive the brand and marketing strategy of Guinness in Nigeria, working in partnership with Guinness Nigeria and Tolaram.

Tolaram’s presence in Nigeria stretches back 50 years, while the firm has joint venture partnerships with several leading consumer multinational companies across Africa.

The transaction is expected to be completed in the 2025 fiscal year and remains subject to various regulatory approvals in Nigeria.

Following completion of the deal, Guinness Nigeria will remain listed on the Nigerian Stock Exchange and Tolaram intends to launch a mandatory takeover offer in compliance with local law requirements.

'Nigeria’s favourite beer for nearly 75 years'

Commenting on the news, Diageo CEO Debra Crew said: “I’m excited to announce our new partnership with Tolaram. Guinness has been Nigeria’s favourite beer for nearly 75 years. Tolaram share this passion for Guinness and for Nigeria, making them the perfect partners as we continue to grow our business and seek to delight even more consumers in the country.”

Meanwhile, Dayalan Nayager, president of Diageo Africa and chief commercial officer, added: “Our flexible, asset-light, beer operating model is working well in other markets, and we will unlock the full potential of Guinness in Nigeria with our new, long-term partner Tolaram.”

Haresh Aswani, managing director for Tolaram Africa, described the acquisition as a pivotal moment in the company’s growth journey.

“This strategic move not only expands our footprint in the Nigerian market but also presents an opportunity to leverage our combined strengths to foster innovation and deliver immense value to our customers and stakeholders across the nation.”

In other news, Morrisons recalls chicken slices due to possible metal contamination.

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