UAC of Nigeria PLC has signed an agreement to acquire CHI Limited, the makers of Chivita and Hollandia, from The Coca-Cola Company.
In a statement submitted to the Nigerian Exchange Limited on Wednesday, UAC confirmed that the deal remains subject to regulatory approvals.
CHI Limited is a prominent player in Nigeria’s food and beverage sector, with a diverse portfolio that includes value-added dairy products, juices, nectars, still drinks, and snacks under the Chivita and Hollandia brands.
Speaking on the acquisition, UAC Group Managing Director Fola Aiyesimoju said, “As a company with deep roots in Africa, we are firmly committed to the continent’s growth. We are pleased to announce our agreement to acquire CHI Limited, a leading business in dairy and juice within the region.”
He added, “This acquisition presents a strong opportunity to build upon CHI Limited’s legacy of excellence and innovation. We thank the management and staff of CHI for their contributions and look forward to working together to drive the company’s next phase of growth.”
CHI Limited’s Managing Director, Eelco Weber, highlighted the company’s recent achievements, noting, “Over the past few years, we’ve made significant progress, establishing Chivita and Hollandia as category leaders. I’m grateful to our 5,000+ employees for their hard work and commitment, which earned us recognition as a Gold-rated Great Place to Work.”
Weber expressed confidence in the company's future under UAC’s ownership. “With our strong team and UAC’s support, we foresee exciting opportunities for continued growth,” he said.
On the advisory side of the deal, Fasken Martineau LLP and Templars acted as legal counsel to UAC, while Citi served as exclusive financial advisor to Coca-Cola. McDermott Will & Emery provided legal advice to the beverage giant.
UAC described the acquisition as a strategic milestone that will bolster its footprint in Nigeria’s fast-moving consumer goods (FMCG) industry.
Meanwhile, Coca-Cola said the divestment aligns with its global strategy to adopt a more flexible, asset-light model while focusing on high-potential brands. The company reaffirmed its commitment to Nigeria, noting plans to invest $1 billion over five years—contingent on a stable and supportive business environment.
“This investment highlights Africa’s importance as a long-term growth market for the Coca-Cola system,” the statement concluded.
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