UAC of Nigeria PLC don enter agreement to buy Chivita|Hollandia (CHI Limited) from The Coca-Cola Company. Na di statement wey dem file with Nigerian Exchange Limited on Wednesday talk say di transaction still dey wait regulatory approval.
Chivita|Hollandia na food and drink company for Nigeria wey dey produce dairy products, juices, nectars, still drinks and snacks. Dem be di owners of Chivita and Hollandia brands.
As UAC Group Managing Director, Fola Aiyesimoju, talk: “We get strong presence for Africa and we serious about di growth of di continent. We happy to announce say we don buy Chivita|Hollandia (CHI Limited), wey be big player for dairy and juice business for dis region. Di acquisition go help build on Chivita|Hollandia’s record of excellence and innovation. I wan thank di management and staff, and I dey look forward to work with dem to support di next stage of growth.”
Managing Director of Chivita|Hollandia, Eelco Weber, talk say di business don make serious progress for recent years. Di Chivita and Hollandia brands don turn leaders for their market categories. He still thank di over 5,000 workers wey dey push di business forward and make dem collect award as Gold-rated Great Place to Work.
Weber and him management team still show confidence say di company get big chance to grow. He talk say: “We dey see better future for Chivita|Hollandia. With our strong team and UAC commitment, plenty better things dey come.”
For di transaction, Fasken Martineau LLP and Templars na di legal advisors wey work with UAC. Citi work as exclusive financial advisor for Coca-Cola Company, while McDermott Will & Emery serve as legal advisor.
UAC still talk say di transaction na strategic milestone for their growth agenda. E go help dem expand inside Nigeria’s fast-moving consumer goods sector. E still support Coca-Cola strategy to operate flexible and asset-light model, plus focus on brands wey fit grow well. Coca-Cola system don recently announce say dem go invest $1bn for Nigeria within five years, as long as better environment dey to make am happen. Dis investment show how Coca-Cola see Africa as place wey get serious long-term growth opportunity.
