Slaughter and May advised Diageo - sale of shares in D&G and GAPL to Heineken and related acquisition of shares in GGBL

Slaughter and May advised Diageo in relation to the sale of its interests in Desnoes & Geddes and in Guinness Anchor Berhad to Heineken and also on its related acquisition of additional shares in Guinness Ghana Breweries. Diageo's net cash consideration receivable for the transaction is $780.5 million (approximately £515 million).

Diageo's completed transaction with Heineken brings increased focus to their respective beer businesses in Jamaica, Malaysia, Singapore and Ghana. The transaction comprises:

• the sale of Diageo's 57.87% shareholding in Desnoes & Geddes Limited (D&G) to Heineken, which will increase Heineken’s shareholding in D&G to 73.32%
• the sale of Diageo's 49.99% stake in GAPL Pte Limited (GAPL) to Heineken giving Heineken full ownership of GAPL
• the acquisition by Diageo of Heineken’s 20% shareholding in Guinness Ghana Breweries Limited (GGBL),  which will increase Diageo's shareholding in GGBL to 72.42%