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AFRICA: Diageo completes acquisition <br>of Ethiopia's Meta Brewery

Source: Release Date:2012-01-13 367
Food & Beverage
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Gains direct access to fast growing Ethiopian beer market complementing existing spirits business
? Next step in Africa growth market participation strategy
? Appointment of managing director
LONDON -- Diageo plc, the world’s leading premium drinks business, has completed the acquisition of the Meta Abo Brewery Share Company SC (‘Meta Brewery’), a leading beer company in Ethiopia, for a cash consideration of USD225 million, subject to customary post completion adjustments. The acquisition concludes a competitive tender process held by the Privatization and Public Enterprises Supervising Authority on behalf of the Government of Ethiopia.
Nick Blazquez, president, Diageo Africa, said: “I am delighted that we are able to announce the completion of this acquisition which represents a key milestone in achieving our strategy of participating at scale in beer and spirits in growth markets in Africa. Meta is a strong national brand that has great heritage in Ethiopia. We will invest behind the long-term growth of the brand, the Meta business, and the wider communities in Ethiopia.
“Over the past five years, Diageo has invested more than GBP 1 billion in building its businesses in Africa, and we will continue to look at opportunities to expand our footprint, grow our brands and secure strong routes to market.”
Meta Brewery is the second largest beer company in Ethiopia with a volume share of approximately 15%*. From its brewery near the Ethiopian capital Addis Ababa, it produces and distributes its flagship national lager brands Meta and Meta Premium.
The acquisition will give Diageo direct access to the rapidly growing Ethiopian beer market, and will complement Diageo’s existing premium spirits business in the country. The beer market in Ethiopia is estimated to continue to grow at more than 10% per annum to 2015, driven by strong GDP growth and increased disposable incomes*. Diageo currently markets its international premium spirits brands, including Johnnie Walker scotch whisky, Smirnoff vodka and Gordon’s gin, through its representative office in Addis Ababa.
Diageo is also announcing the appointment of Francis Agbonlahor as managing director for the Meta business. He joins from Diageo’s business in Nigeria and takes up the role with immediate effect.
Ekwunife Okoli, managing dAir Jordan
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