Guinness Nigeria Plc has notified The Exchange of its acquisition of the distribution rights to Diageo Plc’s International Premium Spirits (IPS) brands in Nigeria. As part of the transaction, Guinness Nigeria will also take over various assets including the current inventory of Diageo Brands Nigeria Limited, the wholly-owned Diageo business which currently distributes and markets the IPS brands in Nigeria. The consideration for the transaction is approximately N2.35bn. The transaction is expected to be concluded by 31st December, 2015 and the new distribution agreement for the IPS brands will become effective on 1st January, 2016 subject to receiving all regulatory approvals.