(CercleFinance.com) – Diageo announces that it has agreed to sell Guinness Cameroon SA, its business in Cameroon, to the Castel group for 389 million pounds sterling.
Once the transaction is concluded, Castel will take over the production and national distribution of Guinness in Cameroon under a license and royalty agreement.
Diageo believes this agreement provides a solid platform for Guinness to expand in both production and distribution through Castel’s five brewing sites and their nationwide distribution network.
The transaction is expected to close in the first half of fiscal 2023, subject to regulatory approvals.
Once completed, the transaction will result in an exceptional gain on disposal of approximately £250 million after tax.
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