The Ethiopian Competition Commission, subject to approval, is expected to complete the sale during the first quarter of 2022.

Diageo acquired Meta Abo Brewery in January 2012 for US$225m and, since then, has invested US$344m into its expansion to transform the brewing industry in Ethiopia and supported local communities through the provision of clean water.

The company mentioned it would continue to service the Ethiopian market “with its international spirits portfolio through its dedicated imported spirits channel.”

Meta Abo brewery was founded by the Ethiopian government and Ethiopian private nationals in 1963 as a share company. Initially, the brewery’s production capacity was 50,000hl per annum; however, with Diageo’s investment, which was detailed back in 2015 and saw the company re-launching the Meta brand, it tripled its capacity installed a US$119m bottling line. Sale proceeds have not been disclosed yet.