Diageo has sold its shareholding in Jamaican brewer Desnoes & Geddes Ltd. (D&G) and GAPL Pte Limited (GAPL) to Heineken for 20 per cent of the Guinness business in Ghana.

The sale sees the spirits company’s shareholding in Guinness Ghana Breweries Limited (GGBL) increase to 72.42 per cent.

As a result, Heineken has gained Diageo’s 57.87 per cent shareholding in D&G and 49.99 per cent in GAPL.

The transaction cost Heineken $780.5 million.

Ivan Menezes, Chief Executive of Diageo said: “The transaction we have announced today continues our proactive approach to our portfolio, enhancing our focus on the core to achieve Diageo’s performance ambition. It provides a strong route to consumer for Guinness, which will grow the brand in these markets. I am pleased that this transaction meets the clear strategic objectives of both Heineken and Diageo.”