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Market Chatter: Diageo Unit Secures Kenyan Antitrust Nod for 65% Stake Sale to Asahi Group Holdings

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Diageo's East African unit secured approval from the Kenyan antitrust authority to sell its 65% stake in East African Breweries to Asahi Group Holdings (TYO:2502) in a $2.3 billion deal, Bloomberg News reported Friday, citing a letter it had seen.

The sale is subject to conditions, including a requirement to set aside funds from the transaction to settle outstanding liabilities arising after deal conclusion, and the transaction will help Asahi Group establish its first direct operations in Africa.

The authority also requires the brewer to reserve 20% of cooler space in retail outlets for competitors' drinks.

The Kenya competition authority, Diageo and Asahi, did not immediately respond to a request for comment from.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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