Diageo Kenya Limited made an offer to acquire a 14.97% stake in East African Breweries Limited for KES 22.7 billion on January 27, 2023. Under the terms of transaction, The stake, representing up to 118.4 million shares at an offer price of KES 192 per share, would push Diageo's shareholding in East African Breweries to 65%, Diageo. The transaction has been approved by the regulatory approval. The tender offer for the additional shares will open on 6th February 2023 and close on 24th February 2023. Results of the closing will be announced on 6th March 2023. A second closing will take place on 17th March 2023, with the announcement of the results on 5th April 2023. The transfer and settlement of shares will commence on 11th April 2023. The tender offer period will run from February 6, 2023 to March 17, 2023.

Diageo Kenya Limited completed the acquisition of a 14.97% stake in East African Breweries Limited on March 17, 2023.