Suntory Beverage & Food Limited (TSE:2587) made an offer to acquire bottling and distribution of drinks from GlaxoSmithKline Consumer Nigeria Plc (NGSE:GLAXOSMITH) for ¥7 billion on January 25, 2016. The bottling and distribution of drinks from GlaxoSmithKline Consumer Nigeria Plc generated around $73 million (¥8.8 billion) in sales in 2015. The transaction is subjected to shareholder approval of GlaxoSmithKline Consumer Nigeria Plc and regulatory approval including the Nigerian Stock Exchange approval.

As of June 1, 2016, GlaxoSmithKline Consumer Nigeria Plc accepted the offer from Suntory Beverage and Food. As of July 5, 2016, Suntory Beverage & Food Limited reached an agreement to acquire bottling and distribution of drinks from GlaxoSmithKline Consumer Nigeria Plc.. The shareholders of GlaxoSmithKline approved the sale on June 6, 2016.

The transaction is expected to close at the end of August 2016. As of August 30, 2016, the completion date has now been moved to September 30, 2016. Mitsubishi UFJ Morgan Stanley Securities acted as financial advisor for Suntory.

Matthew Appleton, Edward Barnett, Olivia Ferdi and Sarah McFarlane of Allen & Overy LLP acted as legal advisors for GlaxoSmithKline Services Unlimited.