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Diageo plc, a multinational beverage alcohol company, headquartered in London, England, is selling its Guinness Cameroon brewery business to Castel Group for $459.8 million or £389 million.
Diageo agreed to sell its brewery to the French beverage firm, and this was confirmed on Thursday, July 14. With the sale, the Castel Group is expected to take over the production and distribution of Guinness beverage products under a license and royalty agreement contract.
As mentioned in Reuters, the deal between Diageo and the Castel Group is expected to close some time in the first half of 2023. Then again, the acquisition is still subject to regulatory clearances. Once completed, Diageo said the transaction would result in an extraordinary gain on disposal of about £250 million after tax.
"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," Diageo Africa's president, Dayalan Nayager, said regarding the sale via press release. "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."
At any rate, this latest acquisition will expand Castel Group's portfolio. The move is indeed a strategic plan to get more share in the beverage market as well as bolstering its historical collaboration with Diageo in several other markets.
With its undying entrepreneurial spirit, the company continues to grow. It also remained committed to promoting the economic and social vitality of Cameroon and the African continent, which is surely part of its success too.
Board member of Castel Group, Gil Martignac, further noted, "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 recognized as an economic player for many years through SABC."
Finally, once Castel finally takeover Guinness, its SABC subsidiary will handle the production and deliveries of the GCSA beers, malt drinks, and ready-to-drink beverages.
