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Nigerian Breweries to acquire 80% stake in Distell Wines and Spirits Nigeria

Nigerian Breweries has announced plans to acquire an 80% stake in Distell Wines and Spirits Nigeria (Distell Nigeria). This acquisition is aimed at seizing substantial growth opportunities within the wines and spirits segment of the brewing industry. A member of the Heineken Group, Nigerian Breweries is the foremost and largest brewing entity in Nigeria. Established in 1946 under the name 'Nigerian Brewery Limited,' the company carved its place in history in June 1949 with the inaugural release of Star lager beer from its Lagos brewery bottling line. In May, the company notified the Nigerian Exchange Group of its intent to acquire Distell Nigeria. In the announcement, Uaboi Agbebaku, company secretary for Nigerian Breweries, said: “The board resolved to consider the offer in detail with support from external legal and financial advisers and after that make a decision thereon in the coming weeks. The outcome of the decision will be communicated in due course.” On 16 November, the board for Nigerian Breweries met and resolved to recommend to shareholders in a general meeting for their consideration and approval of the acquisition of an 80% stake in Distell Wines & Spirits Nigeria Limited. They also agreed to convene an extraordinary general meeting of the company to enable shareholders to consider and approve the acquisition, which will take place on 20th December 2023. Distell Nigeria is involved in the local production of wines and ciders and the importation of wines, spirits and flavoured alcoholic beverages from Distell Group in South Africa. It's portfolio includes brands such as Amarula, JC Leroux, Nederburg, Drostdy Haf, 4th Street, Bain’s, Knights, Chamdor, Hunters and Savanna.

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