The Ohlthaver & List (O&L) Group, the majority shareholder in Namibia Breweries Limited (NBL), has confirmed that together with Diageo, and Heineken International B.V. it has completed the restructuring of its joint venture operations in Namibia and South Africa.
The closing of the transaction follows the fulfilment of all conditions as agreed on July 28. In Namibia, Heineken now indirectly holds a 29.9 percent stake in NBL. The O&L Group retains its 30.1 percent indirect stake with the balance held by local minority shareholders. O&L will continue to control NBL going forward.
In South Africa, NBL now holds a 25 percent stake in DHN Drinks (Pty) Limited and a 25 percent stake in Sedibeng (Pty) Limited with Heineken holding a 75 percent stake in both entities.
NBL paid a total net cash consideration of N$565 million to Diageo for the equity and debt positions it acquired in Sedibeng and DHN.
“We are excited about our new partnership with Heineken to take our beer portfolio growth aspirations to the next level. The region has strong demographics and compelling prospects for future growth. We look forward to this next stage of our journey,” said Peter Grüttemeyer, Chief Executive Officer (CEO) of the O&L Group.