By Ian Walker
LONDON--Spirits maker Diageo PLC (DGE.LN) Tuesday announced a
restructuring of its South African and Namibian operations with its
joint-venture partners Heineken Holding N.V. (HEIO.AE) and
Ohlthaver & List.
Under the deal Diageo, maker of Johnnie Walker, J B, Buchanan's,
and Windsor whiskies and Smirnoff, will sell its 42.25% equity
stake in DHN Drinks (Proprietary) Ltd. and associated loan, and its
15% equity stake in Namibia Breweries Ltd. to Heineken.
It will also sell its 25% stake in the Sedibeng brewery in
Gauteng, South Africa, to Namibia Breweries and transfer the loan
to Heineken.
Diageo will get 128 million pounds ($196.6 million) in cash on
completion of the deal, which is expected by the end of this year,
it said.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
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