Diageo Plc has entered an agreement to sell its 54.4% shareholding in Seychelles Breweries Ltd. to Phoenix Beverages Ltd., a subsidiary of IBL Ltd. This divestment marks Diageo’s third sale of African assets within the past year.
Phoenix Beverages Ltd. (PBL), the largest brewer and soft drink bottler in Mauritius, will acquire the stake from Diageo Holdings Netherlands B.V. and Guinness Overseas Limited, both members of the Diageo Group, for approximately $80 million.
Seychelles Breweries, operating since 1972 and known as Seybrew, produces and distributes a portfolio of beers, premium spirits, and soft drinks.
“This acquisition is a key milestone for Phoenix Beverages as we continue to expand our presence in the region. Seychelles Breweries boasts a strong heritage with a broad spectrum of consumer preferences, and we are committed to building upon its legacy,” stated Bernard Theys, CEO of Phoenix Beverages Ltd.
“By integrating Seychelles Breweries into our portfolio, we aim to generate significant operational synergies, enhancing distribution networks and sharing resources. With our expertise and resources, we will further strengthen Seybrew’s offerings and reach, all while preserving its unique identity and strong consumer appeal to ensure long-term growth and sustainability.”
Dayalan Nayager, President of Diageo Africa and Chief Commercial Officer, commented, “I am excited to extend our partnership with Phoenix Beverages, a long-term partner in the Indian Ocean region with a proven track record, to further unlock value for Seychelles Breweries and deliver long-term sustainable growth.”
Seybrew’s commitment to responsible business practices, including carbon footprint reduction, water efficiency, and recycling, aligns with PhoenixEarth’s sustainability agenda.
As part of the Phoenix Beverages Group (PBG), Seybrew will adopt PBG’s ESG framework, focusing on initiatives such as renewable energy deployment, circular economy solutions, and community-focused social impact programs.
Arnaud Lagesse, Chairman of Phoenix Beverages Ltd., emphasized, “At Phoenix Beverages Group, we see mergers and acquisitions as more than just business moves. They are key milestones in our growth journey. Our investment in Seychelles Breweries is one we are especially proud of and, PBL being a member of the IBL Group, this move also aligns with the ‘IBL Beyond Borders’ group strategy. This move allows us to fast-track our ambitions in a way that organic growth alone could not match. Strengthening our presence in the Seychelles gives us the momentum to create lasting value and deepen our leadership across the Indian Ocean beverage landscape.”
Following the transaction’s completion, Seychelles Breweries Ltd. will remain listed on the Seychelles Stock Exchange—MERJ Exchange. The transaction is expected to close in June 2025.
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