Two years ago when Singapore-headquartered FMCG powerhouse Tolaram Corporation announced its high-profile acquisition of a majority stake in Guinness Nigeria, industry observers viewed it as a high-stakes bet in a turbulent macroeconomic climate.
Fast forward, and that daring play has transformed into a masterclass in strategic execution.
What skeptics saw as a risky move of staking $70 million for 58.02 percent equity in Guinness Nigeria because of a challenging consumer market has paid off in spectacular fashion—surging more than fivefold to a staggering $355 million (N486.8billion).
Tolaram paid about N103.71 billion (approximately $70 million or £53.8 million at the agreed exchange rate in June 2024) to acquire Diageo’s entire 58.02 percent majority stake in Guinness Nigeria.
Tolaram agreed to paid N81.60 per share to acquire Diageo’s 58.02 percent majority stake. Prior to the announcement (June 10, 2024), Guinness Nigeria was trading on the Nigerian Exchange Limited (NGX) at N50.55 per share.
