The Coca-Cola Company has entered into an agreement to sell 100% of its interest in Chivita|Hollandia (CHI Limited) to UAC of Nigeria Plc., marking a divestment just six years after completing full ownership of the Chi Limited.
The The Coca-Cola Company company first acquired a 40% stake in CHI Limited in 2016, before completing a full buyout in 2019 from Tropical General Investments (TGI) Group.
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The transaction, which is subject to regulatory approval, according to Coca-Cola, is part of its ongoing global strategy to streamline its operations by focusing on scalable global brands while adopting a more flexible, asset-light model.
The move comes even as Coca-Cola doubles down on its long-term commitment to Nigeria, having recently announced a $1 billion investment into the country over the next five years—conditional on a stable and predictable operating environment.
CHI Limited is a major player in Nigeria’s fast-moving consumer goods sector, with a strong portfolio spanning fruit juices, dairy beverages, still drinks, and snacks. Its flagship brands—Chivita, the category leader in fruit juice, and Hollandia, one of Nigeria's market leader in evaporated milk and drinking yoghurt—are widely recognized in households across the country.
The buyer UAC of Nigeria PLC is one of the country’s oldest and most diversified consumer goods conglomerates. With nine manufacturing plants and a broad distribution network, UAC is aiming to consolidate its presence in the non-alcoholic beverage and dairy sectors through this acquisition. The addition of CHI Limited is expected to significantly expand UAC’s consumer offerings and strengthen its position in the value-added dairy and juice markets.
Fasken Martineau LLP and TEMPLARS Nigeria are legal advisors to UAC in connection with the acquisition. Citi is exclusive
financial advisor to The Coca-Cola Company, while McDermott Will & Emery acting as legal advisor.
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