Facts Behind the Acquisition
20 November 2025
Fola Aiyesimoju - Group Managing Director
Funke Ijaiya-Oladipo - Group Finance Director
Contents 3
Introduction | 4 |
Strategic Rationale | 9 |
C.H.I. Limited | 28 |
Transaction Highlights | 35 |
Post Acquisition Outlook | 39 |
Appendix | 50 |
Introduction
146 years of heritage… 5
Royal Niger Company is established.
UAC became a publicly listed company.
Mr Biggs is launched.
Livestock Feeds and Portland Paints acquired.
Sold stake in UPDC and MDS.
Acquisition of 100% stake in CHI.
1879
1920s
1970s
1980
1990s
2010s
2020
2021
2023 2025
United Africa Company is formed.
Unilever acquired 40% stake.
40%
stake
CAP PLC and Grand Cereals acquired.
JVs with Tiger Brands, Famous Brands and Imperial.
CAP and Portland Paints merged.
Acquired Tiger Brands minority stake in UAC Foods.
Unbundled UPDC REIT.
UFL and SWAN merger.
… and 55 years of partnership with the capital markets 6
Listed on the NGX in 1970
At UAC, we operate with a clear purpose 7
"Creating examples of excellence and prosperity
underpinned by integrity"A wonderful business at a fair price 8
a o•‹Ober 2025
UAC pCqUires CH
ttOm COCo-CO!
Note: UAC of Nigeria PLC ("UAC"), C.H.I. Limited ("CHI"), The Coca-Cola Company and its subsidiaries, except authorised bottlers ("TCCC" or "Coca-Cola")
Strategic RationaleWhy CHI? Why now? 10
01.
Preparedness
02.
Rarity
03.
Timing
04.
Fit
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