Diageo completes restructuring of South African operations

1 Dec 2015 | Press release

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Diageo announces that, together with Heineken N.V. (Heineken) and The Ohlthaver & List Group of Companies, the controlling shareholder of Namibia Breweries Limited (''NBL''), they have completed the restructuring of their respective joint venture operations in South Africa and Namibia. The closing of the transaction follows the fulfilment of all conditions precedent as agreed on 28 July 2015, when the intention to restructure the joint ventures was announced. Diageo has received a total net cash consideration of c. ZAR 2.5 billion (c. £117 million) for the equity and debt positions Diageo sold in Sedibeng, DHN and NBL.