Diageo’s East African Breweries Ltd has acquired a 51% stake in Serengeti Breweries for US$60.4m, positioning the brewer to challenge SABMiller in Tanzania’s beer market.
Diageo announced today (26 October) that East African Breweries has completed the deal for Serengeti, following shareholder backing and regulatory clearance in Tanzania.
East African Breweries agreed to offload a 20% stake in the market leader, SABMiller-controlled Tanzania Breweries, in order to gain control of Serengeti. A Diageo spokesperson told just-drinks today that the Tanzania Breweries stake sale was “still pending”.
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