The shareholders of Nigerian Breweries Plc have approved the 80 per cent stake acquisition of Heineken Beverages (Holding) Limited in Distell Wines and Spirits Nigeria Limited.
According to NB, in a corporate notice filed with the Nigerian Exchange Limited on Thursday, one of the resolutions passed by shareholders included the approval of the acquisition.
Shareholders also gave their nods to the 100 per cent acquisition of the import business of HBL in Nigeria.
Part of the statement read, “That the acquisition of (i) the 80 per cent economic interest, voting and other rights of Heineken Beverages (Holding) Limited in Distell Wines and Spirits Nigeria Limited, which interests and rights are held through Distell International Limited, and (ii) 100 per cent of the import business of HBL in Nigeria, (including the license to market, distribute and sell the imported products, as well as produce any of the imported brands locally), for the Consideration of N7.01bn and on such other terms and conditions contained in the transaction circular supporting the acquisition, as well as those the parties will negotiate and agree on in a Share Purchase Agreement), be and is hereby approved.”
Earlier in the year, NB revealed it was considering the acquisition of stakes Distell Wines & Spirits Nigeria Limited, following an offer from Heineken Beverages (Holdings) Limited of South Africa.
In subsequent updates, the company said that the acquisitions “align with its strategic objective of expanding its current product offerings beyond beer to include, wines, spirits, and flavoured alcoholic beverages. It also provides the Company with growth opportunities and long-term profitability.”
