BY Busola Aro
EnjoyCorp Limited, a food, beverage, and hospitality firm, says an agreement has been reached with Heineken B.V. to acquire 100 percent of its shareholding in Champion Breweries Plc.
The deal was disclosed on Wednesday in a corporate filing on the Nigerian Exchange Limited (NGX), signed by Imo-Abasi Jacob, chairman of Champion Breweries.
The company said the proposed transaction is subject to obtaining requisite regulatory approvals, adding that the parties expect to close the deal in the second quarter of (Q2) 2024.
Champion Breweries is a leading regional brewer listed on the NGX and has 86.5 percent of its shares owned by Raysun Nigeria Company Limited, a subsidiary of Heineken.
In 2021, Heineken had purchased 1.9 billion ordinary shares of Champion Breweries — the producer of Champion lager beer and Champ Malta — through Raysun. This was after the Dutch brewer acquired a 57 percent stake in the company in 2014.
According to Jacob, 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 statement reads.
“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 firm added that the transaction will result in EnjoyCorp taking a controlling stake in Champion Breweries, integrating it as an anchor subsidiary.
According to the statement, EnjoyCorp is building a portfolio of food, beverage and hospitality brands and is poised to chart a course of transformative growth through strategic acquisitions and visionary leadership.
The company said it aims to inspire its customers to explore, celebrate, and enjoy life’s moments responsibly with those who matter most.
Meanwhile, Champion Breweries provides contract brewing and packaging services to Nigerian Breweries Plc, a related party within the Heineken group. The company was founded on July 31, 1974 and is headquartered in Uyo, Nigeria.
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