The Coca-Cola Company on Friday, announced that the Federal Competition and Consumer Protection Commission (FCCPC) has approved the sale of Chivita|Hollandia (CHI Limited) to UAC of Nigeria PLC, and the transaction has now been closed.

The deal, first announced on July 30, transfers ownership of CHI Limited, a Nigerian food and beverage producer whose portfolio includes juice and value-added dairy brands. Terms of the transaction weren’t disclosed.

“We are pleased to have received regulatory approval for this transaction,” Managing Director of Chivita|Hollandia, Eelco Weber, said in a statement. “We look forward to a smooth transition and to seeing Chivita|Hollandia thrive under UAC’s ownership.”

Coca-Cola initially acquired a 40 per cent stake in CHI in 2016 and completed the full acquisition by purchasing the remaining shares in 2019, gaining 100 per cent ownership of the company.

The Group Managing Director of UAC, Fola Aiyesimoju, commented, “We are excited to officially welcome the Chivita|Hollandia team and brands into the UAC family, and we are eager to work together to build on their strong legacy and market leadership.”

UAC is a holding company focused on domestic manufacturing, marketing, and distribution of leading consumer brands in Africa. The company operates nine manufacturing facilities and several logistics and distribution hubs across Nigeria, with 5,000 employees.

Incorporated in 1980, Chivita|Hollandia (CHI Limited) was established as a local producer of high-quality food and beverage products for Nigerian consumers. Chivita|Hollandia champions innovation and supports economic growth through state-of-the-art, ISO 22000-certified manufacturing.

Recall on July 30th PUNCH Online reports that UAC of Nigeria PLC entered into an agreement to acquire Chivita|Hollandia (CHI Limited) from The Coca-Cola Company.

In a statement filed with the Nigerian Exchange Limited then it was revealed that the transaction is still subject to regulatory approval.

Chivita|Hollandia is a food and beverage player in Nigeria, with a portfolio across value-added dairy products, juices, nectars, still drinks, and snacks. They are the owners of the Hollandia and Chivita brands.

Commenting on the transaction, the Group Managing Director of UAC, Fola Aiyesimoju, then said, “As a company with a strong presence in Africa, we are deeply committed to the continent’s growth. We are pleased to announce the acquisition of Chivita|Hollandia (CHI Limited), a leading dairy and juice business in the region. (The PUNCH)