- GSK Nigeria Sells Lucozade, Ribena to Japanese Firm
GlaxoSmithKline Nigeria has concluded the sale of its two flagship brands, Lucozade and Ribena, to a Japanese beverage firm, Suntory.
This was disclosed by Suntory Nigeria at a press briefing in Lagos on Tuesday.
The deal between the parent company of GlaxoSmithKline Nigeria, GSK Global, and Suntory was first announced in 2013 when the Japanese firm reportedly bought the two brands for £1.35bn. Suntory concluded the deal in 2014.
According to the Managing Director, Suntory Beverage and Food Nigeria, Mr. Chinedum Okereke, takeover procedures with the Nigerian Stock Exchange delayed the entrance of Suntory into the Nigerian market.
He said the two products would be rebranded to reflect the identity of the new owners.