Guinness brewer Diageo is set to restructure its South African and Namibian operations.
The move involves selling off stakes in its joint ventures with Heineken and Ohlthaver & List Group in the countries.
It will sell its 42.3 per cent equity stake in DHN Drinks (Proprietary) Ltd and transfer the associated shareholder loan to Heineken; 25 per cent equity stake in the Sedibeng brewery in Gauteng to Namibia Breweries Ltd (NBL) and transfer the associated shareholder loan to Heineken; and 15 per cent equity stake in NBL to Heineken.
The company will also acquire the remaining shares which it does not already own in brandhouse Beverages (Proprietary) Ltd which will become a wholly-owned subsidiary.
Diageo will receive about £128m from the sales, which are due to complete before the end of 2015.
Ivan Menezes, Diageo chief executive, said: "We have worked very successfully with Heineken and NBL throughout our partnership, growing the beer business and establishing market leadership in spirits.
"From this leadership position we now believe that Diageo has the necessary scale to move to the next stage of growth for spirits, RTDs and our beer and cider portfolio in a focused, simplified ownership structure."
Jean-François van Boxmeer, Heineken chief executive and chairman of the Heineken Executive Board, added: "For the past 11 years we have benefitted enormously from our close collaboration with Diageo and I would like to thank it for its valued partnership and wish it well for its future in the region.
"Our new structure allows us to focus solely on the beer category and strengthens our platform for continued growth. We look forward to working with our longstanding partner Namibia Breweries and are excited about our future prospects in this important part of the global beer market."
