Guinness Nigeria has revealed that Tolaram, a Singaporean corporation, has agreed to buy Diegeo, a United Kingdom enterprise, for 58.02 percent of the company’s shares.
The company’s secretary and legal director, Abidemi Ademola, revealed this in a statement on Tuesday.
It is anticipated that the deal will be finalized in the fiscal year 2025, provided that the necessary regulatory clearances in Nigeria are obtained.
The business stated that Guinness Nigeria will continue to be listed on the Nigerian Exchange Ltd. following the completion of this deal, and Tolaram plans to initiate a mandatory takeover offer in accordance with local legal requirements, pending regulatory permission.
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.”
Adebayo Alli, the Chief Executive Officer and Managing Director of Guinness Nigeria, stated: “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.”
The managing director of Tolaram Africa, Haresh Aswani, stated: “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.”
