In a landmark deal set to reshape Nigeria’s beverage market, Tolaram has agreed to acquire Diageo’s 58.02% shareholding in Guinness Nigeria Plc.
Guinness made this announcement via a press release on the website of the NGX.
This announcement is the latest in a string of major multinational organizations exiting the country citing tough economic challenges.
The transaction, expected to close in fiscal 2025 pending regulatory approvals, will also see Tolaram enter into long-term licensing and royalty agreements to continue producing the iconic Guinness brand alongside Diageo’s ready-to-drink and mainstream spirits locally.
Guinness has a market capitalization of N110.7 billion based on its current share price of N50.5 per share suggesting the deal could top over N64 billion.
Diageo, while selling its controlling stake, will maintain ownership of the Guinness brand, ensuring its legacy continues under the stewardship of Tolaram.
