- Safiu Kehinde
The Federal Competition and Consumer Protection Commission (FCCPC) has approved the acquisition of Chivita|Hollandia (CHI Ltd.) by United African Company of Nigeria (UAC) of Nigeria Plc.
NPO Reported that the Coca-Cola company had on the 30th of July transferred the ownership of the CHI Limited’s brands to UAC as both parties reached an agreement for the sale of the food and beverage firm.
This had however awaited regulatory approval of the acquisition.
UAC confirmed the FCCPC’s approval on Saturday in a corporate disclosure to the Nigerian Exchange Ltd., stating that the transaction was completed following commission’s regulatory approval.
Reacting to the development, the Managing Director of CHI Ltd., Mr Eelco Weber, expressed satisfaction with the approval, saying the company looked forward to a seamless transition.
“We are pleased to have received regulatory approval for this transaction. We look forward to a smooth transition under UAC’s ownership,” Weber said.
Group Managing Director of UAC, Mr Fola Aiyesimoju, described the acquisition as an exciting step consistent with the company’s growth strategy.
“We are delighted to officially welcome the Chivita|Hollandia team and brands into the UAC family, Together, we will build on their strong legacy and market leadership,” Aiyesimoju said.