Asahi to acquire majority stake in East African Breweries

Asahi Group Holdings, Ltd. announced today, December 17, 2025, its decision to acquire 100% of shares in Diageo Kenya Limited (DKL) and 53.68% of shares in UDV (Kenya) Limited (UDVK) from Diageo subsidiaries. This transaction will grant Asahi an indirect 65.00% ownership in East African Breweries PLC (EABL), which markets beer, spirits, and RTD beverages in Kenya, Uganda, and Tanzania. EABL’s listing on regional stock exchanges will be maintained.

The acquisition aligns with Asahi's strategy for long-term growth by securing a leading platform in East Africa, driven by population increase and economic expansion. The target business boasts a strong brand portfolio, including "Senator," "Tusker," "Serengeti" beers, and "Chrome," "Kenya Cane" spirits, with long-term licenses for Diageo's global brands like "Guinness" and "Johnnie Walker."

The closing of the transaction is anticipated in the second half of calendar year 2026, following merger control approvals from Kenyan, Ugandan, and Tanzanian authorities. The acquisition, valued at $2,354m for DKL and $646m for UDVK, will be financed through borrowings and cash on hand. Asahi intends to seek exemption from a mandatory takeover offer for EABL minority shareholders.