Coca-Cola (KO) has agreed to sell Nigerian food and beverage company CHI to UAC of Nigeria, UAC said Wednesday.
Financial details weren't provided.
CHI is a producer of dairy products, juices, nectars, still drinks, and snacks, UAC said, adding that the Nigerian company's portfolio includes the Chivita and Hollandia brands, which specialize in evaporated milk, drinking yogurt and fruit juices.
The deal is subject to regulatory approval, UAC said.
Bloomberg reported Wednesday that Coca-Cola first bought a 40% stake in CHI in 2016 for $240 million before acquiring the rest in 2019.
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