By Adedapo Adesanya
EnjoyCorp Limited has acquired 86.5 per cent equity in Champion Breweries Plc from Heineken B.V after taking over a 100 per cent shareholding in The Raysun Nigeria Limited, which holds the 86.5 per cent stake in Champion Breweries plc, listed on the Nigerian Exchange (NGX) Limited.
This comes after the deal was first announced in late February and it projected that it would close the transaction in the second quarter of this year (Q2 2024) after getting the needed approvals.
Now, following the approval of the deal from the consumer protection body of Nigeria, the Federal Competition and Consumer Protection Commission (FCCPC), the parties have completed the transaction, and EnjoyCorp has taken full control of 100 per cent of the shares in Raysun Nigeria Limited accordingly.
As per the deal, Champion Breweries plc will remain listed on the NGX.
“EnjoyCorp is committed to building the company and galvanising shareholder value through strategic initiatives and investments that align with its mission of enriching life’s moments through a diverse portfolio of brands,” a statement read.
The acquisition marks EnjoyCorp’s strategic entry into the beverage category, underpinning the company’s long-term commitment to the African consumer.
It is also coming at a time when the beer landscape landscape is taking a different shape with Diageo selling 58.02 per cent of its stake in Guinness Nigeria to Tolaram for efficient distribution.
Champion Breweries Plc will be integrated as a cornerstone subsidiary within EnjoyCorp’s expanding portfolio of food, beverage, and hospitality brands.
“Champion Breweries Plc welcome EnjoyCorp and looks 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,” the statement added.
