East African Breweries Ltd is close to taking control of Serengeti Breweries in Tanzania, after shareholders in the Diageo subsidiary backed the deal.

Diageo confirmed today (22 October) that a majority of shareholders in East African Breweries (EABL) have voted in favour of the Serengeti Breweries deal. Diageo owns 50.03% of EABL.

Shareholder backing brings EABL close to acquiring control of Serengeti Breweries, which is Tanzania’s second largest brewer behind SABMiller-controlled Tanzania Breweries.

“EABL is now free to proceed towards completion of the acquisition and the last few remaining conditions to completion are expected to be either satisfied or waived by EABL in the near future,” said Diageo. “A further announcement confirming completion will be issued in due course,” the Guinness brewer added.

The drinks giant has not specified the size of EABL’s prospective controlling stake in Serengeti, although local reports have said it will be 51%. Financial details have not been disclosed.

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