UAC of Nigeria Plc. has successfully completed the 100% acquisition of CHI Limited, the makers of Chivita and Hollandia brands, from The Coca-Cola Company, following approval by the Federal Competition and Consumer Protection Commission (FCCPC). The acquisition agreement signing, first announced on July 30, 2025, marks the end of Coca-Cola’s ownership of CHI Limited, which it fully acquired in 2019 after purchasing a 40% stake in 2016 from Tropical General Investments (TGI) Group.
The acquisition supports UAC’s strategy to strengthen its position in Nigeria’s non-alcoholic beverage and dairy markets. CHI Limited, a leading player in the fast-moving consumer goods sector, is known for its flagship brands, Chivita (the market-leading fruit juice) and Hollandia (a top brand in evaporated milk and drinking yoghurt), alongside other beverages and snacks. With nine manufacturing plants and a robust distribution network, UAC expects the addition of CHI Limited to significantly enhance its consumer goods portfolio.
Coca-Cola’s divestment aligns with its global strategy to focus on scalable brands and adopt a more flexible, asset-light model. Despite the sale, the company emphasized its ongoing commitment to Nigeria, recently announcing a $1 billion investment plan over the next five years, subject to a stable operating environment.
The transaction was supported by TEMPLARS Nigeria and Fasken Martineau LLP as legal advisors to UAC, with Citi serving as Coca-Cola’s exclusively financial advisor, Udo Udoma & Belo-Osagie and McDermott Will & Schulte as its legal advisors.
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