• Companies
  • Updated: June 11, 2024

Multinationals exit: Guinness sells majority shares to Tolaram Group

Multinationals exit: Guinness sells majority shares to Tolar

Tolaram Group has agreed to buy Diageo’s 58.02% stake in Guinness Nigeria Plc.

Guinness made this known in a press release on the NGX.

The announcement is the latest in a string of major multinational organizations exiting the country citing tough economic challenges.

Based on its current share price of N50.5 per share, Guinness has a market value of N110.7 billion, indicating that the acquisition might surpass N64 billion.

The company disclosed that this move aligns with Diageo’s strategic vision to retain brand influence while leveraging Tolaram’s extensive distribution and manufacturing capabilities.

Reacting to the deal, the 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.”

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