EnjoyCorp Limited has strategically acquired Heineken B.V’s 100% stake in 49 years old Champions Breweries Plc (NGX: CHAMPION).
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Champion Breweries disclosed the acquisition in a regulatory filing on Thursday signed by Mr. Imo-Abasi Jacob, Chairman of Champion Breweries.
EnjoyCorp Limited, a holding company established for food, beverage and hospitality brands, has reached agreement with Heineken B.V, to acquire 100% of its shareholding in The Raysun Nigeria Company Limited, which in turn holds an 86.5% stake in Champion Breweries Plc.
The proposed transaction is subject to obtaining requisite regulatory approvals and the parties expect to close the transaction in Q2 2024.
In the regulatory filing, Mr. Imo-Abasi stated that 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 proposed acquisition will mark EnjoyCorp’s strategic entry into the beverage category underpinning the company’s long-term commitment to the African consumer. The transaction will result in EnjoyCorp taking a controlling stake in Champion Breweries, integrating it as an anchor subsidiary.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur