Leading Nigerian law firm Templars has announced its role in advising Tolaram, a Singaporean conglomerate, on acquiring a 58.02% stake in Guinness Nigeria PLC from Diageo.
The deal, signed on June 11, 2024, includes long-term licensing and royalty agreements for the Guinness brand and Diageo’s ready-to-drink and mainstream spirits in Nigeria.
The transaction highlights Templars’ prominence in handling significant corporate deals. Templars has previously advised Tolaram, especially on the financing of the Lekki Deep Sea Port.
Tolaram, which operates 30 manufacturing facilities in Africa, primarily in Nigeria, aims to enhance Guinness’ growth in the Nigerian market. The acquisition could exceed NGN 64 billion, given Guinness Nigeria’s market capitalization of NGN 110.7 billion and a share price of NGN 50.5.
In a publication seen by Nairametrcs, Templars stated that it is ‘advising’ the leading Singaporean-headquartered conglomerate, Tolaram on its proposed acquisition of Diageo’s 58.02% interest in Guinness Nigeria plc.
It also stated that the transaction is been led by Deputy Managing Partner and Head of Finance and Mergers & Acquisitions, Chike Obianwu. He is assisted by other key members of the team including Managing Counsel Obianuju Ifebunandu, Senior Associate Ayodele Ashiata Kadiri, and Associates Amadi Ijiomah, Pamela Ojiego, and Oluwafisayo Aderibigbe.
According to Mr. Obianwu,
“This transaction is a strategic feat for the Tolaram Group for which it represents an audacious entry into the alcoholic beverages market. We at Templars are excited to have once again assisted the Group on a major market-shaping transaction, having advised them as project sponsors on the development and financing of the landmark, Lekki Deep Sea Port and on various key initiatives of their Lagos Free Zone Company and Multipro Consumer Products Limited.”
Templars’ involvement in this high-profile transaction showcases its growing influence in corporate legal services. The firm was recently recognized as a top-tier law firm in the 2024 Legal 500 EMEA listing, excelling in banking, finance, capital markets, and mergers and acquisitions.
A recent analysis by Nairalytics reveals that forty-four of the largest publicly listed companies in the Nigerian equities market spent a total of N234 billion as professional fees in the 2023 financial year.
This represents a whopping 50.6% increase from the N155.4 billion recorded in 2022.
According to Naijaonpoint findings, the professional fees include payments for legal, consultancy, non-audit, and advisory amongst other services.
Leading firms like Aluko and Oyebode, Templars, Deloitte, KPMG, PwC, EY, Accenture, McKinsey and others are among some of the top consulting firms rendering professional services to quoted companies.