Diageo, the leading alcoholic drinks company, has entered into an agreement to sell its Ethiopian brewery Meta Abo Brewery to BGI, a subsidiary of the French multinational Casteel Group.
Meta Abo Brewery was acquired by Diageo in 2012 for US$225 million, and since then, the company has invested US$344 million to expand and transform the brewery industry in Ethiopia. The company brews bottled and draught beer using water sourced from a reserve of soft spring water distributing its products through its own fleet of trucks.
The deal, which is subject to approval by the Ethiopian Competition Commission, is expected to be completed during the first quarter of 2022, where the financial terms of the deal have not been disclosed.
According to the company’s press release, Diageo will continue the Ethiopian market through its international portfolio of spirits.