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Suntory to pay US$68.8m for Lucozade, Ribena in Nigeria

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Suntory will pay about JPY7bn (US$68.8m) for GlaxoSmithKline's remaining Lucozade and Ribena assets in Nigeria.

Suntory bought the Ribena and Lucozade brands from GSK in 2014

Suntory bought the Ribena and Lucozade brands from GSK in 2014

The company announced the purchase in a filing on the Tokyo stock exchange today and said it expects take control of the brands from GSK Nigeria Co next month. The move will see Suntory take global control of the two brands after buying them from GSK in early-2014 for US$2.11bn.

Last month, the GSK Nigeria Co board accepted Suntory's offer to buy its "business of manufacturing, bottling, marketing, distributing and selling of the Ribena and Lucozade brands in Nigeria". Today's announcement from Suntory follows a GSK shareholder meeting in Lagos yesterday.

GSK Nigeria Co had continued to own operating licenses for Lucozade and Ribena in the wake of the 2014 brand sale, allowing it to control production and sales in Nigeria, Suntory said in today's filing.

Earlier this year, GSK confirmed to just-drinks that it had received an offer from Suntory for the Nigerian assets.


Sectors: Soft drinks, Water

Companies: Suntory

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