June 11, (THEWILL) – Singaporean multinational, Tolaram Group, has agreed to acquire Diageo’s 58.02 percent shareholding in Guinness Nigeria Plc.
Guinness made this known in a press release on the Nigerian Exchange on Tuesday.
The purchase, slated to be completed in fiscal 2025, assuming regulatory clearances, will see Tolaram enter into long-term licence and royalty agreements to continue producing the legendary Guinness brand alongside Diageo’s ready-to-drink and mainstream spirits locally.
While Diageo is selling its controlling stake, it will retain ownership of the Guinness brand, ensuring its legacy continues under Tolaram’s stewardship.
According to the company, this move aligns with Diageo’s strategic vision to retain brand influence, while leveraging Tolaram’s extensive distribution and manufacturing capabilities.
The acquisition marks a significant expansion of Tolaram’s footprint in Nigeria, promising enhanced innovation and value delivery to customers and shareholders.
Board Chair of Guinness Nigeria, Omobola Johnson, said “This partnership brings together Tolaram’s deep expertise in manufacturing and distribution with Diageo’s exceptional brand-building and innovation capabilities. It positions Guinness Nigeria for robust growth in this dynamic market.”
Also, Managing Director and CEO of Guinness Nigeria, Adebayo Alli, expressed enthusiasm for the collaboration.
“This announcement marks an exciting chapter for Guinness Nigeria. Tolaram’s alignment with our values and commitment to sustainability and enduring business success bodes well for our future”, Alli said.
Confirming the deal, Managing Director of Tolaram Africa, Haresh Aswani, said, “Welcoming Guinness Nigeria, a company with such a rich legacy and strong consumer loyalty, into our ecosystem is thrilling. This move will expand our significant footprint in the Nigerian market and leverage our combined strengths to foster innovation.”
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