Norton Rose Fulbright has advised Tropical General Investments Group (TGI Group) on the auction sale of Chi Ltd, Nigeria’s leading fruit juice, dairy and snacks manufacturer, to The Coca-Cola Company (Coca-Cola).

The transaction is structured as an initial sale of 40% of the entire issued share capital and a forward sale of the remaining 60% of the issued share capital which will be transferred in three years.

TGI Group is an international investment and holding company with diversified interests in a range of emerging markets and industries including fast moving consumer goods, agriculture, healthcare and chemicals.

The Norton Rose Fulbright team was led by partner Bayo Odubeko who was assisted by partners Mike Knapper and Matthew Hodkin; associates Julie Keefe, Ed Gardner, Jaspal Pachu, Sophie Lees, Nariman Armaly, Tessa Svennevik, and Greg Smith; and trainee solicitors Louise Finnegan and Lelo Majozi-Motlogeloa.

Norton Rose Fulbright also recently advised on the successful auction sale of Fan Milk International to The Abraaj Group in 2014 and on the sale of Mansard Insurance Plc to Axa Plc in the same year.

Bayo Odubeko commented:
“We are seeking increased deal activity in the food and drinks sector in West Africa. Consumer markets are expanding rapidly across the continent and many multinationals see the potential for significant growth. With the fast growing population of Nigeria, increasing affluence and growth of the middle class and demand sophistication, owners of leading consumer brands in Africa such as Chi and Fan Milk will continue to attract leading global strategic and financial investors and command record prices.”