UAC of Nigeria Plc is making a major move to acquire CHI Limited, the company behind popular beverage and dairy products like Chivita and Hollandia — www.naijnaira.com reports.
This development follows a deal with The Coca-Cola Company, which had acquired full ownership of Chi Limited in 2019.
UAC described the transaction as part of a broader plan to strengthen its presence in Nigeria’s fast-moving consumer goods market.
The deal is still awaiting regulatory clearance, but UAC sees it as a key part of its growth playbook.
Coca-Cola, in turn, is shifting focus to a leaner, asset-light strategy centered around expanding its most promising global brands.
“The Coca-Cola system recently announced it will invest $1 billion in Nigeria over five years,” the company said in a statement.
The soft drink giant confirmed that it remains invested in the region, provided the business environment remains supportive and predictable.
Fola Aiyesimoju, UAC’s Group Managing Director, called the acquisition an opportunity to build on Chi Limited’s strong brand and innovation record.
“As a company with a strong presence in Africa, we are deeply committed to the continent’s growth,” Aiyesimoju stated.
He praised the legacy of CHI Limited and said he looks forward to supporting the team through their next phase.
Eelco Weber, Managing Director at CHI Limited, said the brand has made solid progress and has its eyes on continued expansion.
“I would like to thank our over 5,000 employees for their hard work and dedication,” Weber added.
He said CHI Limited’s recognition as a Gold-rated Great Place to Work proves the strength of its internal culture.
Weber also expressed optimism about UAC’s involvement, describing it as a catalyst for future opportunity.
Legal guidance for UAC came from Fasken Martineau LLP and Templars, while Coca-Cola was advised financially by Citi and legally by McDermott Will & Emery.
The original announcement from Coca-Cola regarding the Chi Limited acquisition dates back to January 30, 2019.
Article updated 20 hours ago. Content is written and modified by multiple authors.
