• UAC of Nigeria acquired CHI Limited, known for Chivita juices and Hollandia dairy, from Coca-Cola in a deal approved by Nigeria’s competition regulator.
• The transaction marks Coca-Cola’s strategic shift away from direct ownership of production units to focus on high-growth brands.
• The deal strengthens UAC’s beverage and dairy portfolio as Nigeria’s naira stabilizes and investor confidence improves.

Coca-Cola sold its Nigerian subsidiary CHI Limited to UAC of Nigeria, according to a disclosure filed on October 3 with the Nigerian Exchange Limited. The deal received approval from the Federal Competition and Consumer Protection Commission (FCCPC). The companies did not disclose the transaction value.

UAC, a Nigerian conglomerate listed on the NGX with interests in food and retail, said the acquisition expands its position in beverages and dairy. Group Managing Director Fola Alyesimoju welcomed the integration, saying he looked forward to “working together to preserve and strengthen CHI’s heritage and market leadership.”

Falco Weber, Chief Executive of CHI Limited, said he was “pleased with the regulatory approval” and confident of “a smooth transition that allows Chivita and Hollandia to thrive under UAC’s leadership.”

Coca-Cola bought 40% of CHI in 2016 and took full control in 2019 as part of a diversification strategy and push into African markets. Its latest divestment reflects a shift toward reducing direct involvement in production and prioritizing brands with high growth potential.

The company announced in 2024 that it would invest $1 billion in Nigeria over five years to strengthen its brand portfolio. Nigeria remains one of Coca-Cola’s most important African markets.

The deal closed as Nigeria’s currency, the naira, stabilized and the central bank’s foreign reserves improved, creating better liquidity conditions and boosting investor confidence.

This article was initially published in French by Sandrine Gaingne

Adapted in English by Ange Jason Quenum