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UK alcoholic beverage multinational Diageo has announced the sale of its Guinness Nigeria business to the Tolaram Group, a diversified holding company based in Singapore.
According to sources, Diageo will sell its 58.02% stake in Guinness Nigeria to the Talaram Group for 81.60 NGN ($0.05) per share, as part of its wider plans to exit the brewing business in Africa. In 2022, the firm sold its brewing business in Cameroon and Ethiopia to Castel.
Under the terms of the deal, Diageo will retain ownership of the Guinness brand and the Tolaram Group will operate under licence and royalty agreements to continue producing Guinness stout, as well as Diageo’s range of ready to drink cocktails and spirits.
The Tolaram Group also has manufacturing joint ventures in Nigeria with Kellanova, Colgate-Palmolive and Arla.
The deal is expected to be finalised in 2025.
Source: Trend Type
