Home » Namibian businessman Sven Thieme-led O&L Group sells majority stake in NBLIH to Heineken

Namibian businessman Sven Thieme-led O&L Group sells majority stake in NBLIH to Heineken

by Omokolade Ajayi
Sven Thieme

Namibia’s largest privately held company, Ohlthaver & List (O&L) Group, has entered into an implementation agreement with Heineken N.V. that allows the Dutch brewer to acquire a 50.01-percent stake in NBL Investment Holdings Limited (NBLIH).

The transaction, which will be completed through Sunside Acquisitions Proprietary Limited, a newly incorporated unlisted subsidiary of Heineken International in South Africa (HSA), will see the Netherlands-based brewery group completely take over NBLIH.

NBLIH holds a 59.4-percent controlling stake in Namibia Breweries Limited (NBL), the largest brewer in Namibia with a current market valuation of approximately €400 million.

The acquisition of a 50.01-percent stake in NBLIH gives Heineken a 59.4-percent indirect stake in NBL, as the world’s second-largest brewer already owns a 49.99-percent position in the company. 

The transaction aligns with Heineken’s decision to acquire control of the beer market leader in Namibia and provides continued premiumisation and other growth opportunities for the group, as the new Namibian subsidiary will benefit from cost efficiencies upon becoming part of Heineken.

The deal will not only increase its scale of operations, but also combine route-to-markets and portfolios in export countries, increase efficiency and capture additional growth, especially in attractive markets such as Kenya and Tanzania.

Sven Thieme, the executive chairman of O&L and the CEO of NBL, said the decision to sell its stake in NBLIH will not only unlock value for shareholders but also unleash the full potential of NBL as the brewer will now have direct access to the world.

“Having worked with Heineken for many years and knowing that they too are passionate about beer and share similar family values and culture to that of O&L, we are confident that they are best placed to unleash NBL’s full potential by giving it access to the world,” he said.

In addition to the NBLIH acquisition, Heineken will acquire South Africa’s most extensive wine and spirits maker, Distell Group, in a deal that will see the multinational brewer acquire Distell’s operations for €2.2 billion ($2.52 billion).

The transaction will unite three strong businesses with a focus on creating a regional beverage champion that is positioned to capture significant growth opportunities in Southern Africa.

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