Diageo has been offloading assets in Africa in recent years, including selling its entire stake in Seychelles Breweries Ltd and exiting its Nigerian unit. In January, Diageo announced the sale of its 80% stake in Guinness Ghana Breweries Ltd to Castel Group. It has also sold Guinness Cameroon SA and Meta Abo Brewery in Ethiopia.
Diageo shares rose as much as 2.6% in London, but remain down by about a third this year. East African Breweries rose 1.5% in Nairobi.
Asahi has expanded overseas in recent years with deals for the likes of Australia’s Carlton & United and the UK’s Fuller, Smith & Turner.
Asahi expects East African Breweries to remain listed on the Kenya, Uganda and Tanzania stock exchanges after completion of the deal.
See also: New owners of Pakistan International Airlines plan IPO
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