In a major move within Nigeria’s consumer goods sector, UAC of Nigeria PLC has announced it is acquiring Chivita|Hollandia (CHI Limited) from The Coca-Cola Company, pending regulatory approvals.

The deal, disclosed in a regulatory filing to the Nigerian Exchange Limited on Wednesday, marks a significant realignment in Nigeria’s fast-moving consumer goods (FMCG) landscape.

CHI Limited, the maker of popular household brands Chivita and Hollandia, is a key player in Nigeria’s beverage and dairy market, with a product portfolio that includes juices, dairy drinks, still beverages, nectars, and snacks.

Commenting on the transaction, Fola Aiyesimoju, Group Managing Director of UAC, described the acquisition as a "strategic milestone" in the company’s growth agenda.

 “As a company with a strong presence in Africa, we are deeply committed to the continent’s growth. This acquisition presents significant potential to build on Chivita|Hollandia’s legacy of excellence and innovation,” Aiyesimoju said.

He added that UAC looks forward to working with CHI Limited’s management to drive the next phase of growth and value creation.

Eelco Weber, Managing Director of Chivita|Hollandia, acknowledged the progress the company has made under Coca-Cola’s ownership and expressed optimism about its future under UAC.

 “With over 5,000 employees and category-leading brands, we see a bright future for Chivita|Hollandia,” Weber stated. “Our team’s dedication has earned us recognition as a gold-rated Great Place to Work, and with UAC’s support, exciting opportunities lie ahead.”

UAC was advised legally by Fasken Martineau LLP and Templars, while Citi acted as exclusive financial advisor to The Coca-Cola Company. McDermott Will & Emery served as Coca-Cola’s legal counsel.

UAC described the deal as a move that strengthens its footprint in Nigeria’s competitive FMCG space and enhances its long-term value proposition to shareholders.

The transaction aligns with The Coca-Cola Company’s strategy to streamline its global operations through a more asset-light, flexible business model. The company reiterated its commitment to Nigeria and Africa, stating it plans to invest $1 billion in Nigeria over the next five years, contingent on a stable and predictable business environment.

 “Africa remains a critical long-term growth market for the Coca-Cola system,” the statement noted.