Tolaram, a multinational company, has agreed to acquire 58.02% of Diageo’s shareholding in Guinness Nigeria Plc, subject to regulatory approvals.

The deal, expected to be completed in Fiscal 2025, will see Tolaram gain a commanding role in Nigeria’s beverage industry.

Despite selling its majority stake, Diageo will retain ownership of the Guinness brand, which will be licensed to Guinness Nigeria for the long term.

The acquisition will enable Tolaram to expand its market share in Nigeria, leveraging its expertise in manufacturing and distribution, while Diageo will continue to provide brand building and innovation capabilities.

The partnership aims to drive growth and development in Guinness Nigeria, ensuring a smooth transition and continued investor confidence.

“Following the completion of the transaction, Guinness Nigeria will remain listed on the Nigerian Exchange Ltd. and Tolaram intends to launch a mandatory takeover offer in compliance with local law requirements, ensuring a smooth transition and continued investor confidence.”

Commending the partnership, the Board Chair of Guinness Nigeria, Omobola Johnson, 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.”

The Managing Director of Tolaram Africa, Haresh Aswani, stated that the initiative would increase the company market share in Nigeria.

“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 presents an opportunity to leverage our combined strengths to foster innovation and deliver immense value to our customers and shareholders across the nation,” he stated.