Dubai: Aujan Coca-Cola Beverages Company (ACCBC) announced on Monday it has finalised the acquisition of a majority stake in Lebanon’s National Beverage Company (NBC).
ACCBC, formerly Aujan prior to Coca Cola taking a 50 per cent stake in the company, first announced the acquisition back in January.
NBC is the manufacturer and distributor of Coca-Cola, Pampa and other products in Lebanon.
“We are delighted to have completed this important transaction. ACCBC has seen consistent growth in virtually all of our markets over a long period, and we plan to replicate this performance with NBC by focusing on increasing its market share within Lebanon,” stated Nicolaas Nusmeier, chief executive of ACCBC.
ACCBC acquired its stake from Transmed, which retains a holding in NBC. Earlier this year, Nusmeier told ‘Gulf News’ ACCBC would control 80 per cent of NBC, with Transmed hanging onto the remaining 20 per cent.
“This deal brings long term direct investment into Lebanon,” stated Fouad Es-Said, chairman and chief executive of Transmed.
The value of the acquisition has not been revealed, however, Nusmeier has previously said it was purchased using internal cash flows.