Tolaram Acquires Majority Stake in Guinness Nigeria from Diageo

Diageo, the majority shareholder in Guinness Nigeria Plc, has reached an agreement to sell its controlling stake of 58.02% to Tolaram, a multinational company based in Singapore. The deal, signed on Tuesday, includes the acquisition of Diageo’s shares in Guinness Nigeria and long-term license agreements for production locally.

Tolaram will also extend a mandatory tender offer to minority shareholders, potentially increasing its controlling interest in Guinness Nigeria. The transaction, subject to regulatory approvals in Nigeria, is expected to be finalized in 2025 according to a disclosure by the board of Guinness Nigeria.

In their statement, Guinness Nigeria assured that Diageo will retain ownership of the Guinness brand, licensing it to Guinness Nigeria under Tolaram’s management. The move aims to propel the growth and development of Guinness Nigeria with the backing of Tolaram’s expertise and resources.

Tolaram, a significant player in African markets, is recognized for its consumer goods presence and partnerships with leading multinational companies. The collaboration between Diageo and Tolaram is set to enhance brand and marketing strategies for Guinness in Nigeria, ensuring sustainable growth in the long run.

Highlighting the significance of the acquisition, the Chairman of Guinness Nigeria, Omobola Johnson, commended the potential for future growth. Johnson expressed confidence in the partnership, combining Tolaram’s strength in manufacturing and distribution with Diageo’s branding and innovation capabilities.

Managing Director Adebayo Alli sees the deal as a landmark moment for Guinness Nigeria, its employees, and customers. He anticipates a synergistic relationship with Tolaram, emphasizing shared values and a commitment to building a sustainable business for the future.

Tolaram Africa‘s Managing Director, Haresh Aswani, shared his excitement for the acquisition, citing the expansion of the company’s footprint in Nigeria. Aswani envisions leveraging the strengths of both entities to drive innovation and deliver significant value to customers and shareholders across the nation.