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Guinness Nigeria has announced that Tolaram, a Singaporean firm, has signed an agreement to acquire United Kingdom enterprise, Diegeo’s 58.02 per cent shareholding in the company.
Abidemi Ademola, the company’s secretary and legal director, disclosed this in a statement on Tuesday.
The transaction is expected to be completed during Fiscal 2025, subject to obtaining the requisite regulatory approvals in Nigeria.
The company noted that sequel to the completion of this transaction, Guinness Nigeria will remain listed on the Nigerian Exchange Ltd. and, subject to regulatory approvals, Tolaram intends to launch a mandatory takeover offer in compliance with local law requirements.
Commenting on the development, Omobola Johnson, Board Chair, Guinness Nigeria, 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.
“I believe this is a winning combination that leaves Guinness Nigeria extremely well-placed to drive further growth in this market.”
On his part, Adebayo Alli, Managing Director/Chief Executive Officer, Guinness Nigeria, said: “Today’s announcement marks an exciting moment for Guinness Nigeria, our employees and our customers.
“I look forward to working alongside Tolaram, which is 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, Tolaram Africa, said: “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.”
