Diageo plc sells its 54.4% shareholding in Seychelles Breweries Limited to Phoenix Beverages Ltd, a subsidiary of IBL Group, for approximately $80 million

Today, Diageo plc, announces the sale of its 54.4% shareholding in Seychelles Breweries Limited to Phoenix Beverages, a subsidiary of Mauritius-based IBL Group. The transaction builds on Diageo’s partnership with Phoenix Beverages as a partner in the Indian Ocean region.

Under the terms of the agreement, Diageo will retain ownership of the Diageo brands currently produced by Seychelles Breweries (Guinness and Smirnoff RTDs) as well as distribute IPS in-market, which will be licensed to Seybrew under a new long-term license and royalty agreement. The expanded long-term partnership with Phoenix Beverages, a subsidiary of IBL Group, further demonstrates Diageo’s active portfolio management and its commitment to building an efficient operating model in the Indian Ocean Islands that is structured to deliver long-term and sustainable growth.

Phoenix Beverages has significant and extensive expertise across the Indian Ocean Islands, and is a partner to Diageo in Mauritius, with a longstanding partnership producing Guinness and Smirnoff Ice.

Commenting on the news Dayalan Nayager, President Diageo Africa and Chief Commercial Officer, said:

“I am excited to extend our successful partnership with Phoenix Beverages, a long-term partner in the Indian Ocean region, to further unlock value for Seychelles Breweries and deliver long-term sustainable growth.”

Arnaud Lagesse, Chairman of Phoenix Beverages, said:

"At Phoenix Beverages Group, we see mergers and acquisitions as more than just business moves. They are key milestones in our growth journey. Our investment in Seychelles Breweries is one we are especially proud of as it also aligns with our ‘IBL Beyond Borders’ group strategy. It is not just about expanding our trajectory; it is about stepping into a new chapter for the next generation. This move allows us to fast-track our ambitions in a way that organic growth alone could not match. Strengthening our presence in the Seychelles gives us the momentum to create lasting value and deepen our leadership across the Indian Ocean beverage landscape."

Immediately following completion of this transaction, Seychelles Breweries Limited will remain listed on the Seychelles Stock Exchange.

Completion of the transaction is expected in June 2025.

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About Diageo:

Diageo is a global leader in beverage alcohol with an outstanding collection of brands across spirits and beer categories. These brands include Johnnie Walker, Crown Royal, J&B and Buchanan’s whiskies, Smirnoff, Cîroc and Ketel One vodkas, Captain Morgan, Baileys, Don Julio, Tanqueray, and Guinness.

Diageo is a global company, and our products are sold in around 180 countries around the world.

The company is listed on both the London Stock Exchange (DGE) and the New York Stock Exchange (DEO). For more information about Diageo, our people, our brands, and performance, visit us at www.diageo.com. Visit Diageo’s global responsible drinking resource, www.DRINKiQ.com for information, initiatives, and ways to share best practice.

About Phoenix Beverages:

Phoenix Beverages Ltd is a leading beverage producer with a rich legacy in brewing, soft drink manufacturing, and spirits distribution. With a steadfast commitment to quality, innovation, and sustainability, PBL continues to expand its market presence across the Indian Ocean region, delivering exceptional products to consumers. Phoenix Beverages is a part of the IBL Group and is listed on the Stock Exchange of Mauritius. The company is deeply committed to sustainable development and responsible production, with ongoing initiatives in recycling, water stewardship, and community support with its EGS pole – PhoenixEarth Initiative. Through innovation, heritage, and quality, Phoenix Beverages continues to play a central role in the lifestyle and culture of Mauritius and beyond.

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