Following an agreement signed on June 11, Tolaram Africa is set to acquire Diageo’s 58.02 percent stake in Guinness Nigeria Plc.
Mrs. Omobola Johnson, Board Chairman of Guinness Nigeria, announced this in a statement released by Mrs. Eniola Alli-Faweya, Head of Corporate Communications, on Tuesday in Lagos.
Johnson explained that Tolaram has entered into a long-term license and royalty agreement to continue producing the Guinness brand and Diageo’s locally manufactured ready-to-drink and mainstream spirits brands. The transaction is expected to be finalized during the fiscal year 2025, pending necessary regulatory approvals in Nigeria.
She confirmed that after the transaction, Guinness Nigeria would remain listed on the Nigerian Stock Exchange Ltd. Additionally, Tolaram plans to launch a mandatory takeover offer, subject to regulatory approvals, to comply with local legal requirements.
“Today’s announcement represents a significant opportunity for the next phase of growth for Guinness Nigeria. This partnership combines Tolaram’s expertise in manufacturing and distribution with Diageo’s strengths in brand building and innovation. I believe this is a winning combination that positions Guinness Nigeria for substantial growth,” Johnson stated.
Adebayo Alli, Managing Director of Guinness Nigeria, expressed excitement about the announcement and readiness to collaborate with Tolaram, describing it as one of Africa’s largest and most respected consumer goods companies. Alli emphasized Tolaram’s alignment with Guinness Nigeria’s values and its commitment to building a sustainable business.
Haresh Aswani, Managing Director of Tolaram Africa, shared his enthusiasm about integrating Guinness Nigeria, a company with a rich legacy and strong consumer loyalty, into their operations. Aswani noted that this strategic acquisition would expand Tolaram’s presence in the Nigerian market and leverage their combined strengths to drive innovation and deliver significant value to customers and shareholders.
According to the News Agency of Nigeria (NAN), Tolaram is one of the largest consumer packaged goods companies on the continent.
