GSK Consumer Nigeria extends deal closure date

GlaxoSmithKline Consumer Nigeria Plc (“GSK Consumer Nigeria Plc”) said on Tuesday it has shifted the closure date to sell its drinks business to Suntory Beverage & Food Nigeria Ltd to 30th September 2016. The transaction was initially expected to close on 31st August 2016.

In a statement released to the Nigerian Stock Exchange, GSK said it needed more time to enable both parties to comply with the terms of the Asset Purchase Agreement entered into on 31st March 2016.

In January, GSK Consumer Nigeria, manufacturers of Ribena and Lucozade brands received a non-binding offer from Suntory Beverage & Food Limited (SBF), to buy its drinks business consisting of the bottling and distribution of Ribena, Lucozade and part of their Agbara, Ogun State plant.

The company’s board brought the offer to its shareholders for approval. And in July, shareholders of GSK Consumer Nigeria agreed to the sale of its drinks business for N15.7bn (approx $79.2m) so it can focus on its core business of Oral healthcare, Vaccines and Pharmaceuticals.

Suntory is a Japanese company and the third largest drinks company in the world.

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