NEW YORK (AP) — Coca-Cola says it has taken a 40 percent stake in Nigerian company that makes snacks and dairy and juice drinks.
The world’s biggest beverage maker says the agreement will allow it to increase its ownership of Chi Ltd to 100 percent within three years, pending regulatory approvals. Coke and Chi’s parent company, Tropical General Investments Group, have also agreed to explore other opportunities in the region.
Financial terms of the deal were not disclosed.
The companies say the deal will strengthen Chi by giving it access to Coke’s distribution and production capabilities.
Most Read Stories
- Mexico City is a parched and sinking capital
- Students frustrated trying to get into UW’s strict engineering program
- Officials say damage to sewage plant in Discovery Park is catastrophic
- Trump motorcade hit by 2x4, 5 students face charges
- T-Mobile one-ups Verizon’s new unlimited data plan; 4Q results top forecasts
The deal is part of Coca-Cola Co.’s plans to boost investment in Africa to $17 billion between 2010 and 2020. That is roughly three times as much as the company’s investment in the continent in the previous decade.