TEMPLARS has advised the leading Singaporean-headquartered conglomerate, Tolaram on its proposed acquisition of Diageo’s 58.02% interest in the Nigerian Exchange-listed Guinness Nigeria plc.

As part of the transaction, Guinness Nigeria (under the control of Tolaram) will enter into long-term licence and royalty agreements with Diageo that will give Guinness Nigeria the right to continue to manufacture and distribute Guinness and the other Diageo brands that it currently manufactures and distributes in Nigeria.

Completion of the acquisition is subject to the approval of the Nigerian competition authority as well as the Securities and Exchange Commission.

The TEMPLARS team on the transaction was led by TEMPLARS Deputy Managing Partner and Head of Finance and Mergers & Acquisitions, Chike Obianwu. Other key members of the team include Managing Counsel Obianuju Ifebunandu, Senior Associate Ayodele Ashiata Kadiri, and Associates Amadi Ijiomah, Pamela Ojiego, and Oluwafisayo Aderibigbe.

According to Chike Obianwu: “This transaction is a strategic feat for the Tolaram Group for which it represents an audacious entry into the alcoholic beverages market. And we at Templars are excited to have once again assisted the Group on a major market-shaping transaction, having advised them as project sponsors on the development and financing of the landmark, Lekki Deep Sea Port and on various key initiatives of their Lagos Free Zone Company and Multipro Consumer Products Limited.”