Spirits giant Diageo has agreed to sell its 80.4% shareholding in Guinness Ghana to Castel Group for $81 million, it said on Tuesday.
This step is the latest in the company’s ongoing efforts to refine its operating model in Africa.
Diageo said that it will retain ownership of the Guinness brand and other Diageo brands produced by Guinness Ghana, including some spirits labels, which will be licensed to Guinness Ghana.
The company also sold its stakes in Guinness Nigeria and Guinness Cameroon in 2024 and 2022 respectively.
French drinks conglomerate Castel acquired Guinness Cameroon for £389 million.
In 2023, it created a dedicated spirits company to strengthen its spirits business in the region.
Diageo said it was pursuing an “asset-light” beer operating model that could adapt to local conditions.
Reports
The company last week denied reports that it was looking to sell the Guinness brand.
Bloomberg reported last week that the company sought a buyer for the popular stout, with the report valuing Guinness at over $10 billion.
In a statement, Diageo said, “We note the recent media speculation around the Guinness brand and our stake in Moet Hennessey and we can confirm we have no intention to sell either.”
The company will provide further updates on its business when it publishes interim results on 4 February.
Read More: Diageo Says It Has No Intention To Sell Guinness, Despite Reports
