Diageo Divests From Third African Brewer in Less Than a Year

Diageo Plc is offloading its entire stake in Seychelles Breweries Ltd., the third African company it’s divesting from in less than a year.

Phoenix Beverages Ltd., Mauritius’ biggest brewer and bottler of soft drinks, is picking up the 54.4% shareholding for about $80 million, Diageo said in a statement on Wednesday.

The move expands Phoenix’s presence in the Indian Ocean islands region. The company has been accumulating stakes in foreign beverage entities, mirroring parent company IBL Ltd.’s hunt for growth in Africa.

In January, Diageo announced the sale of its 80.4% stake in Guinness Ghana Breweries Ltd. to Castel ...