UAC of Nigeria (UACN) has signed an agreement to buy Tiger Brands’ minority share in food and beverage producer UAC Foods, according to Reuters.
The deal comes 11 years after Tiger bought 49% of UAC’s food business. UACN will start operating the Tiger Brands company once the acquisition closes this month.
Reuters highlights that Tiger Brands is the latest South African company to exit Nigeria, claiming the country has suffered economic weaknesses.
This news follows the announcement that other SA businesses, such as Shoprite and Massmart, have also decided to leave the country.
UAC Foods produces snacks, beverages and ice cream, and its portfolio includes brands such as Gala Sausage Roll, Funtime snacks, Swan Natural spring water and Supreme ice cream.
© FoodBev Media Ltd 2022
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