Stanbic IBTC advises Tolaram on Guinness Nigeria takeover offer
BY TEMITOPE ADEBAYO
Stanbic IBTC Capital has successfully facilitated the completion of Tolaram’s mandatory takeover offer (MTO) for Guinness Nigeria Plc, deepening the multinational’s stake in the iconic brewer.
The investment banking subsidiary of Stanbic IBTC acted as Sole Financial Adviser to Tolaram—operating through N Seven Nigeria Limited—on the MTO to minority shareholders, following Tolaram’s acquisition of a majority 58.02 per cent stake in Guinness Nigeria in 2024.
The offer, completed on 20 May 2025, saw minority shareholders tender a total of 283.1 million shares, raising Tolaram’s ownership in Guinness Nigeria to 70.85 per cent. The transaction, valued at N22.94 billion, was executed in compliance with regulatory provisions governing post-acquisition shareholding structures.
Stanbic IBTC Capital provided full-spectrum investment banking support, navigating the complexities of Nigeria’s capital market regulations and ensuring a seamless transaction process.
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Chief Executive of Stanbic IBTC Capital, Oladele Sotubo, expressed appreciation for the partnership with Tolaram. “We thank Tolaram for the continued trust in Stanbic IBTC Capital to execute this important transaction, having also advised on the initial acquisition of Guinness Nigeria,” he said.
Also speaking, Group Finance Director of Tolaram, Dinesh Rathi, praised the quality of advisory services provided. “Stanbic IBTC Capital’s end-to-end support was invaluable throughout the MTO process. Their deep market insight ensured minority shareholders were offered the same terms as Tolaram’s initial acquisition from Diageo plc,” he said.
Rathi reaffirmed Tolaram’s commitment to maintaining Guinness Nigeria’s listing on the Nigerian Exchange, adding that the company retains sufficient free float despite the increased stake.
The transaction underscores renewed investor confidence in Nigeria’s capital markets and highlights the growing role of local investment banks in executing high-impact cross-border deals.
