Diageo’s revision of its brewing operations in Africa has been expanded to take in the Seychelles, where the group has divested its majority control of Seychelles Breweries Limited.
The transaction, for Diageo’s 54.4% stake in the business, has been valued at “approximately” US$80m. Seychelles Breweries will subsequently shift to Phoenix Beverages, which is a unit of Mauritius-based IBL Group.
Diageo has been undertaking a move to third-party production of its beer brands in Africa since 2022, starting with the Meta Abo Brewery in Ethiopia, which was acquired by Castel. Similar operational assets sales have been conducted in Cameroon, Nigeria and, most recently, Ghana, three months ago.
In all these instances, as in this week’s divestment, the group has agreed long-term licensing agreements for its brands, which it has retained ownership of.
Seychelles Breweries produces Guinness and the Smirnoff RTD portfolio for its domestic market.
“I am excited to extend our successful partnership with Phoenix Beverages, a long-term partner in the Indian Ocean region, to further unlock value for Seychelles Breweries and deliver long-term sustainable growth,” said Diageo Africa president & group CCO Dayalan Nayager, who is about to head to Europe with the company.
