UAC of Nigeria PLC has reached an agreement to acquire CHI Limited, the parent company of Chivita and Hollandia brands, from The Coca-Cola Company.
The deal, which was disclosed in a statement filed with the Nigerian Exchange Limited on Wednesday, is subject to regulatory approval.
CHI Limited is a major player in Nigeria’s food and beverage sector, with a broad range of products including juices, dairy-based drinks, and snacks under its Chivita and Hollandia labels.
Speaking on the acquisition, UAC’s Group Managing Director, Fola Aiyesimoju, said, “As a company with a strong presence in Africa, we are deeply committed to the continent’s growth. We are pleased to announce the acquisition of Chivita|Hollandia (CHI Limited), a leading dairy and juice business in the region.
“This acquisition presents significant potential to build on Chivita|Hollandia’s (CHI Limited’s) legacy of excellence and innovation. I would like to thank the management and staff of Chivita|Hollandia (CHI Limited) and look forward to working with the team to support the next phase of growth.”
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Managing Director of CHI Limited, Eelco Weber, acknowledged the strides made by the company in recent years and expressed gratitude to the workforce for their contributions.
“I would like to thank our over 5,000 employees for their hard work and dedication in bringing our business forward and earning us recognition as a Gold-rated Great Place to Work,” Weber said.
Looking ahead, he added, “We see a bright future for Chivita|Hollandia. With the strength of our team, coupled with the dedication of UAC, there will be exciting opportunities for further growth.”
The legal and financial aspects of the deal involved Fasken Martineau LLP and Templars advising UAC, while Citi served as exclusive financial advisor to Coca-Cola, with McDermott Will & Emery as legal counsel.
UAC noted that the acquisition aligns with its strategy to expand its footprint in Nigeria’s fast-moving consumer goods sector. Coca-Cola, on the other hand, emphasized that the move supports its broader shift to a more asset-light and flexible operational model.
The beverage giant reaffirmed its long-term investment in Africa, stating, “The Coca-Cola system recently announced it will invest $1bn in Nigeria over five years and remains committed to these investments, provided a predictable and enabling environment is in place.”
