Nigerian Breweries Plc, has completed the acquisition of a majority stake in Distell Wines and Spirits Nigeria Limited, a statement issued by the company at the weekend has stated.

According to the statement, the completion of the transaction follows the approval of the South Africa Reserve Bank (SARB) for the acquisition by Nigerian Breweries Plc, of the shares of the South African entity, Distell International Limited (now known as Heineken Beverages Holdings Limited) in Distell Nigeria, as well as the import business of Distell International Limited in Nigeria.

According to the Managing Director, Nigerian Breweries Plc, Hans Essaadi, the acquisition and subsequent commencement of business operations align with the strategic objective of the brewery company to expand its current product offerings beyond beer to include wines, spirits, and flavored alcoholic beverages.

Essaadi noted that the company remains unwavering in its commitment to cater to the diverse needs of consumers. He said; "This acquisition is part of efforts to provide access to a complementary multi-category portfolio of fast-growing brands of wines and spirits market segment and capture significant growth opportunities in the wines and spirits segment of the brewing industry. We are excited to have the process completed and can't wait to see how this transforms our business".

In his remarks, the Managing Director, Distell Nigeria, Mr. Steve Ighorimoto, stated that the acquisition is an exciting new chapter for the company as it would help increase the capacity necessary to achieve improved business performance.

"We are excited to be a part of Nigerian Breweries, as we share in the solid track record of growth, including a highly engaged, dynamic, experienced, and diverse team. These changes will strengthen the organization's manufacturing, marketing, and distribution capabilities while ensuring sustainable growth and maximum value creation for all stakeholders," he said.