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Coca-Cola agrees purchase of Nigerian juicer in Africa push

Soft drinks giant buys majority of CHI.

Coca-Cola agreed to buy the majority of Nigerian juice maker CHI that it didn’t already own as the US soft drinks giant expands away from high-sugar drinks and into emerging markets.

The Atlanta-based company acquired 40% of the maker of Chivita juice three years ago, and at the time said the intention was to eventually fully take over the Lagos-based company. Nigeria is Africa’s most populous country with an estimated population of as much as 200 million.

Coca-Cola didn’t give a valuation in its statement on Wednesday, but the Financial Times said in 2016 the 40% stake cost about $240 million. Last year, the firm agreed to pay more than $5 billion for the UK’s Costa coffee chain, also part of a diversification away from its ubiquitous flagship brand, which is sold in more than 200 countries.

Read: Coca-Cola expands into coffee with $5.1bn deal for Britain’s Costa

The shares rose almost 1% on Wednesday in New York, where Coca-Cola was listed 100 years ago, for a market value of $204 billion.

© 2019 Bloomberg L.P

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Huge mistake Coca Cola. The Nigerians will steal you blind! Look at MTN etc…all stolen senseless by a corrupt dump of a country. More than 160 million souls living in self created squalor, filth, disease and crime. Thousands flock here to steal, rob and trade drugs.

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