Diageo plc has announced the sale of its 54.4% stake in Seychelles Breweries Limited to Phoenix Beverages Ltd, a subsidiary of Mauritius-based IBL Group, for approximately USD 80 million. The deal, disclosed on April 2, 2025, marks the fifth African brewery divestment by Diageo in less than three years, underlining the company’s strategic portfolio streamlining in Africa.
Despite relinquishing its controlling interest in Seybrew, Diageo will retain ownership of its global brands, including Guinness and Smirnoff, currently produced by the Seychelles brewery. These brands will continue to be manufactured under a new long-term licensing and royalty agreement, reinforcing Diageo’s commitment to brand presence while handing over operational control.
The transaction builds on Diageo’s existing collaboration with Phoenix Beverages in Mauritius, where the partners have long co-produced Guinness and Smirnoff Ice. Dayalan Nayager, President of Diageo Africa, described the extended alliance as a step toward “long-term sustainable growth” and a testament to Diageo’s ongoing operational optimization in the Indian Ocean region.
In the past three years, Diageo has consistently pursued a strategy of portfolio simplification, marked by several key divestments and one purchase.
· In 2022, Diageo sold first Meta Abo Brewery in Ethiopia (inside.beer, 25.1.2022) and then Guinness Cameroon S.A. (inside,beer, 14.7.2022) both to the Castel Group
· In 2023, Diageo strengthened its position in Kenya by acquiring an additional 15% stake in East African Breweries Limited (EABL), increasing its total shareholding to approximately 65% (inside.beer, 27.1.2023).
· In 2024, Diageo sold its 58.02% shareholding in Guinness Nigeria Plc to Singapore-based consumer group Tolaram (inside.beer, 12.6.2024).
· In 2025, Diageo anounced first the sale of its shareholding in Guinness Ghana Breweries Plc (inside.beer, 29.1.2025) again to the Castel Group, followes now by the exit from Seychelles Breweries Limited.
For Arnaud Lagesse, Chairman of Phoenix Beverages, the acquisition of Seybrew represents more than geographical expansion. “It is not just about expanding our trajectory; it is about stepping into a new chapter for the next generation,” he said. Lagesse emphasized that the move aligns with IBL’s “Beyond Borders” strategy and will bolster their leadership in the region’s beverage sector.
The announcement was made during a formal meeting between representatives of Diageo and IBL Group and the President of Seychelles at State House. The delegation included key executives such as John Musunga, Leo Breen, Andrew Ross, and Yvonne Mwangi. The President welcomed the sale, congratulating IBL Group while urging them to protect local interests, including employment for Seychellois nationals, continued investment by the Seychelles Pension Fund, and preservation of the iconic Seybrew brand.
He also called for the ongoing support of local community initiatives, including the Seychelles Breweries Foundation, and reiterated the importance of corporate social responsibility under the new ownership.
Completion of the transaction is expected in June 2025. Seychelles Breweries Limited will remain listed on the Seychelles Stock Exchange.
