Coca-Cola Set For Major Deal With UAC
THECONSCIENCE NG reports that The Coca-Cola Company has entered into an agreement to sell its majority stake in Chivita|Hollandia (CHI Limited) to UAC of Nigeria PLC (UAC), a leading Nigerian consumer goods company. The transaction is subject to regulatory approval.
CHI Limited is a major player in Nigeria’s food and beverage sector, known for its strong portfolio of value-added dairy products, juices, nectars, still drinks, and snacks. Its brands, Hollandia and Chivita, lead the market in evaporated milk, drinking yoghurt, and fruit juice segments.
This divestment aligns with Coca-Cola’s global strategy to adopt a more flexible, asset-light business model and prioritize scalable brands. The company recently announced plans to invest $1 billion in Nigeria over five years, reaffirming its commitment to the region, contingent on a stable and supportive business environment.
UAC, which operates nine manufacturing facilities and several logistics hubs across Nigeria, employs 5,000 people and is focused on the production, marketing, and distribution of top consumer brands across Africa.
Commenting on the acquisition, UAC’s Group Managing Director, Fola Aiyesimoju, said:
“We are excited to acquire Chivita|Hollandia, a business with a strong heritage of excellence and innovation. We look forward to partnering with the management team to support its next phase of growth.”
Eelco Weber, Managing Director of CHI Limited, praised the progress made in recent years:
“Thanks to the dedication of our over 5,000 employees, Chivita and Hollandia have become category leaders. We are proud to be recognized as a Gold-rated Great Place to Work and are confident in the bright future ahead under UAC’s leadership.”
Citi acted as exclusive financial advisor to The Coca-Cola Company. Legal advisors included McDermott Will & Emery for Coca-Cola, and Fasken Martineau LLP and Templars Law for UAC.
