LONDON (dpa-AFX) - Diageo plc (DGE.L, DEO) announced the sale of its 54.4% shareholding in Seychelles Breweries to Phoenix Beverages, a subsidiary of IBL Group, for approximately $80 million. Diageo will retain ownership of the Diageo brands currently produced by Seychelles Breweries as well as distribute IPS in-market, which will be licensed to Seybrew under a new long-term license and royalty agreement.
Immediately following completion of the transaction, Seychelles Breweries Limited will remain listed on the Seychelles Stock Exchange. Completion of the transaction is expected in June 2025.
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