Kenya: Diageo launches partial tender to increase stake in East African Breweries

Following the announcement made on 14 October 2022, Diageo, through its wholly-owned indirect subsidiary, Diageo Kenya Limited (“Diageo Kenya”), announced on February 6 that it had launched a partial tender offer to increase its aggregate equity stake in East African Breweries PLC (“EABL”) from its current 50.03% to a maximum of 65%.

The tender offer price is Kenyan Shillings 192.00 per ordinary share and the maximum number of shares subject to the tender offer is 118,394,897. The tender offer period will run from 6 February 2023 to 17 March 2023.

EABL is a regional leader in beverage alcohol with an exceptional collection of brands across beer and spirits. Although the business is concentrated on three core markets of Kenya, Uganda and Tanzania, its products are sold in more than 10 countries across Africa and beyond. These include among others Tusker, Guinness, Bell Lager, Serengeti Lager, Kenya Cane, Chrome Vodka, Johnnie Walker, Captain Morgan and Smirnoff. EABL’s ambition is to be one of the best performing, most trusted and respected consumer products companies in Africa.

Diageo is a global leader in beverage alcohol with an outstanding collection of brands including Johnnie Walker, Crown Royal and J&B whiskies, Smirnoff, Cîroc and Ketel One vodkas, Captain Morgan, Baileys, Don Julio, Tanqueray and Guinness.

Diageo is a global company whose products are sold in more than 180 countries around the world. The company is listed on both the London Stock Exchange (DGE) and the New York Stock Exchange (DEO).

07 February, 2023