Diageo Plc, a UK based alcoholic beverages company, on Tuesday completed the acquisition of the Meta Abo Brewery Share Company SC , a leading beer company in Ethiopia, for 225 million USD.
Privatization and Public Enterprises Supervising Agency (PPESA) Director-General, Beyene Gebremeskel and President of Diageo Africa, Nick Blazquez signed the agreement to transfer the brewery.
Beyene on the occasion said the Brewery is transferred to Diageo as the company won the auction and concluded the payment as per the agreement reached with PPESA.
He said transfer of the Brewery to private ownership will significantly cotnribute towards economic development of the country.
Blazquez on the occasion said completion of the acquisition represents a key milestone in achieving Diageo's strategy of participating in markets in Africa.
Meta is a strong national brand that has great heritage in Ethiopia. "We will invest behind the long-term growth of the brand, the Meta business, and the wider communities in Ethiopia," Blazquez said.
British Ambassador to Ethiopia, Greg Dorey also said the transaction will significantly contribute to enhance existing relations between Ethiopia and Britain.
It will contribute share towards success of ongoing activities to bring about rapid development in Ethiopia, the Ambassador said.
Diageo also announced appointment of Francis Agbonlahor as managing Director for the Meta business.Diageo is the world's leading prrmium drinks business with an outstanding collection of beverage alcohol brands.