UAC of Nigeria PLC has commenced formal negotiations to acquire CHI Limited, the producer of leading beverage brands Chivita and Hollandia, from The Coca-Cola Company.
CHI Limited is a major player in Nigeria’s juice and dairy drinks sector, with popular products such as Chivita fruit juices and Hollandia milk and yoghurt.
The company operates a state-of-the-art manufacturing plant in Lagos and provides direct employment to over 5,000 people.
The proposed acquisition, which is still subject to regulatory approvals, is aimed at strengthening UAC’s presence in Nigeria’s competitive fast-moving consumer goods (FMCG) market.
Commenting on the development, UAC’s Group Managing Director, Fola Aiyesimoju, said the move is part of the company’s long-term strategic growth plan.
“This acquisition presents significant potential to build on Chivita / Hollandia’s legacy of excellence and innovation. We are proud to be investing in a Nigerian-grown success story and look forward to working with the team to drive the next phase of growth,”Aiyesimoju stated.
Meanwhile, the CHI Limited’s Managing Director, Eelco Weber, expressed optimism about the ongoing discussions, stating that the proposed transition would offer new possibilities for both staff and consumers.
“We are excited about this next chapter. With the strength of our team and UAC’s backing, there are even greater opportunities to serve our customers and grow our impact,” Weber said.
The Coca-Cola Company, which took full ownership of CHI Limited in 2019, confirmed that the divestment aligns with its global strategy to shift toward a more asset-light model, while focusing on core brand development and market scalability.
Despite the sale, Coca-Cola reaffirmed its commitment to Nigeria, announcing plans to invest up to $1 billion over the next five years, subject to a favorable business and regulatory environment.
UAC is being advised by Fasken Martineau LLP and Templars, while Citi is acting as Coca-Cola’s exclusive financial adviser, with McDermott Will & Emery providing legal counsel.
Financial terms of the transaction were not disclosed, and the deal is expected to be finalized after all regulatory requirements are met.
