UAC of Nigeria PLC has announced an agreement to acquire Chivita|Hollandia (CHI Limited) from The Coca-Cola Company, in a deal that marks a significant move in Nigeria’s consumer goods industry.
The transaction, which remains subject to regulatory approvals, was disclosed in a statement filed with the Nigerian Exchange Limited on Wednesday.
Chivita|Hollandia is a major player in Nigeria’s food and beverage sector, known for its Hollandia and Chivita brands. Its product portfolio includes value-added dairy products, juices, nectars, still drinks, and snacks.
Fola Aiyesimoju, Group Managing Director of UAC, described the acquisition as a strategic milestone aligned with the company’s commitment to driving growth across Africa. “This acquisition presents significant potential to build on Chivita|Hollandia’s legacy of excellence and innovation,” he said.
Eelco Weber, Managing Director of CHI Limited, acknowledged the company’s growth trajectory and the strength of its brands. He praised the efforts of over 5,000 employees who helped position Chivita and Hollandia as leaders in their respective categories.
“We see a bright future for Chivita|Hollandia,” Weber said. “With the strength of our team and the support of UAC, there will be exciting opportunities for further growth.”
The Coca-Cola Company’s decision to divest aligns with its strategy to maintain a flexible, asset-light operating model, focusing on high-potential brands. The company reaffirmed its commitment to Nigeria, highlighting its plan to invest $1 billion in the country over the next five years—contingent on a stable and supportive operating environment.
Fasken Martineau LLP and Templars served as legal advisors to UAC, while Citi acted as the exclusive financial advisor to Coca-Cola. McDermott Will & Emery provided legal counsel to Coca-Cola.
UAC described the deal as a step forward in strengthening its footprint in Nigeria’s fast-moving consumer goods sector.
