GlaxoSmithKline Nigeria has concluded the sale of its two flagship brands, Lucozade and Ribena, to a Japanese beverage firm, Suntory.
This was disclosed by Suntory Nigeria at a press briefing in Lagos on Tuesday.
The deal between the parent company of GlaxoSmithKline Nigeria, GSK Global, and Suntory was first announced in 2013 when the Japanese firm reportedly bought the two brands for £1.35bn. Suntory concluded the deal in 2014.
The Japanese firm, which owns the beverage firm, Orangina Schweppes, said the deal would help it to expand into new markets, while GSK chose to get rid of the well-known brands to focus on its core pharmaceutical business.
According to the Managing Director, Suntory Beverage and Food Nigeria, Mr. Chinedum Okereke, takeover procedures with the Nigerian Stock Exchange delayed the entrance of Suntory into the Nigerian market.
He said the two products would be rebranded to reflect the identity of the new owners.