UAC of Nigeria PLC and Tiger Brands Limited of South Africa have signed an agreement on their strategic partnership in respect of UAC Foods Limited.

The transaction was approved by UAC shareholders and the regulatory authorities and is aimed at strengthening the packaged snacks, dairies and bottled water categories of UAC’s portfolio of brands.

Speaking on the deal, the Group Managing Director/CEO of UAC of Nigeria PLC, Mr Larry Ettah said: ‘’The strategic merits of this alliance ensures best immediate and long term value for UACN shareholders and the company itself. It preserves our strong iconic brands, category focus and provides strong delivery capability for growth and innovation.

“The terms negotiated are fair, reasonable and in the best interest of our shareholders having taken into consideration the commercial assessment of UACN Directors. Our customers, employees and other stakeholders will benefit from the enlarged reach, size and competitiveness of the new UAC Foods Limited. We are proud to have a global partner with such pedigree as Tiger Brands Limited.’’

Further announcements will be made later.