February 29, (THEWILL) – EnjoyCorp Limited has acquired Champion Breweries Plc.
Champion Breweries Plc in a statement signed on Thursday by its Chairman, Imo-Abasi Jacob, said EnjoyCorp Limited reached an agreement with Heineken B.V to acquire 100% of its shareholding in The Raysun Nigeria Company Limited.
According to the deal, Raysun Nigeria Company Limited will in turn hold an 86.5% stake in Champion Breweries Plc, a leading regional brewer listed on the Nigerian Exchange Limited (NGX).
The transaction will result in EnjoyCorp taking a controlling stake in Champion Breweries, integrating it as an anchor subsidiary.
According to the deal, EnjoyCorp “intends to keep Champion Breweries Plc listed on the NGX. Heineken will continue to support Champion Breweries for a twelve-month period after the transaction has closed to ensure a smooth transition of ownership.”
The transaction, which is expected to close in Q2 2024, is subject to obtaining requisite regulatory approvals.
The proposed acquisition will mark EnjoyCorp’s strategic entry into the beverage category, underpinning the company’s long-term commitment to the African consumer.
