Nigerian Breweries plc to complete 80% acquisition of Distell Wines & Spirits in two months

Date:

April 18, 2024.

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Azonuchechi Chukwu.

Nigerian Breweries Plc has said that the final part of the transaction for the completion of the 80% acquisition of Distell Wines & Spirits Nigeria Limited will be completed in the first half of the year, which is between April and June 2024.

Hans Essaadi, Managing Director/CEO of Nigerian Breweries Plc, stated this at the pre-AGM press event in Lagos on Wednesday.

Essaadi said that following the shareholders’ approval at the Extra-ordinary General meeting in December 2023, the company has subsequently executed the transaction documents with Heineken Beverages (Holdings) Limited of South Africa for the acquisition of an 80% equity stake in Distell Wines and Spirits Nigeria and the acquisition of 100% of Heineken Beverages’ import business in Nigeria.

“The final part of the transaction is being completed at the South Africa end with the expectation that the transaction would be completed in full in the second quarter of this year.

This is a strategic acquisition that is in furtherance of our beyond beer agenda and which would provide us with a complimentary multi-category portfolio and strengthen our market share in the wider beverages market.

More importantly, it will help us to future-fit our business and enhance our long-term profitability through the addition of new products in the wines, spirits, and flavoured beverages categories,” he said.(www.naija247news.com).


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Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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