In a press statement seen by Business Insider Africa, Diageo explained that once the deal is finalised, Castel Group would take over production and nationwide distribution of Guinness Cameroon's brands.
London-based multinational brewer, Diageo, is selling its Cameroonian unit for $459.8 million
Diageo Plc is selling Guinness Cameroon S.A to Castel Group for $459.8 million.
Diageo sells Guinness Cameroon to Castel Group
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The statement further quoted the President of Diageo Africa, Dayalan Nayager, to have said that the leading multinational beverage company has outgrown its operation in the central African country.
“Guinness has outgrown its existing brewery in Douala as a result of its strong performance. Under this new agreement, the brand will have both expanded brewing capacity and distribution. It will remain part of the global Guinness family through direct marketing oversight. We look forward to unlocking even greater potential through this agreement with Castel, ensuring we continue to have great tasting Guinness across Cameroon,” Mr Nayager said.
Do note that the acquisition gives Guinness Cameroon immense opportunities to expand under Castel Group.
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Commenting on behalf of Castel Group, Gil Martignac said the planned acquisition marks a historic milestone in the history of the French alcohol maker. The deal would enable it expand its already existing presence in the country.
"Since its creation, Castel has been constantly on the move. The planned acquisition of Guinness Cameroon marks a new milestone in its development, both in Africa and in Cameroon where it has been recognised as an economic player for many years through SABC. This acquisition expands the company's portfolio in the strategic stout market and strengthens its historical partnership with Diageo in many other markets."
He added that the deal is a demonstration of Castel Group's committment to promoting economic growth in Cameroon and Africa as a whole.
Business Insider Africa understands that the deal is expected to be completed in the first half of 2023.
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