Another Company Takes Over Champion Breweries, Ready To Compete With Guinness Nigeria for Customers
- EnjoyCorp Limited has acquired an 86.5% stake in Champion Breweries plc in another major industry deal
- The acquisition has been approved by the Federal Competition and Consumer Protection Commission
- Champion Breweries plc are a producer of Champion Lager Beer and Champ Malta, among other drinks
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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Champion Breweries Plc has announced the completion of an agreement for EnjoyCorp Limited to acquire an 86.5% stake in the company.
The company disclosed this in a statement submitted to the Nigerian Exchange Limited seen by Legit.ng.
Source: Getty Images
According to the notice, EnjoyCorp Limited acquired the stake in Champion Breweries plc by purchasing 100% shareholding in Raysun Nigeria Limited, which holds 86% majority stake in Champion Breweries plc.
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The Federal Competition and Consumer Protection Commission has approved and finalised the acquisition.
The deal means that EnjoyCorp is now in complete control of Raysun Nigeria Limited, thereby controlling Champion Breweries plc.
Board members speak on the deal
Speaking on the deal, Imo-Abasi Jacob, the Board Chairman of Champion Breweries, said the company will continue to be listed on the Nigerian Exchange Group (NGX).
His words:
"This acquisition marks EnjoyCorp's strategic entry into the beverage category, underpinning the company's long-term commitment to the African consumer. Champion Breweries Plc will be integrated as a cornerstone subsidiary within EnjoyCorp's expanding portfolio of food, beverage, and hospitality brands.
EnjoyCorp welcomes aboard Champion Breweries Plc, and we look forward to an exciting new chapter of growth and value creation for all its stakeholders, powered by EnjoyCorp's vision and resources. Champion Breweries Plc is confident that this partnership will unlock new opportunities and elevate our brand to greater heights."
Guinness Nigeria take over
Legit.ng previously reported that the Tolaram group took over Guinness Nigeria in a similar development.
The new buyer will continue producing Guinness major spirits brands and locally-made Diageo ready-to-drink.
The transaction is expected to be completed in Fiscal 2025, subject to obtaining all necessary regulatory clearances in Nigeria.
Proofreading by James Ojo Adakole, journalist and copy editor at Legit.ng.
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Source: Legit.ng
