The Guinness owner said yesterday it has agreed a deal for UNB with Delta Corp, a Zimbabwean beer and soft drink company. The transaction, for an undisclosed amount, is expected to close in the first half of next year.
Diageo took full control of United National Breweries in April 2015 after taking a 50% stake in the company in early-2013 off the back of its move for Vijay Mallya’s UB Group-owned United Spirits. UNB, whose brands include Chibuku and Leopard Special, operates four breweries across South Africa.
A Diageo spokesperson declined to comment on why the company has offloaded United National Breweries to Delta. The announcement comes after Diageo said it had finished a clear-out of non-core, lower-value spirits with a sale of 19 brands to Sazerac in November.
United National Breweries has been operating as a single entity since 1990. In 1996, India’s UB Group took a 30% stake in the firm, then took full control before the end of the Century.