Spirits giant Diageo has agreed to sell its 80.4% shareholding in Guinness Ghana to Castel Group for $81 million, it said on Tuesday, continuing to refine its operating model in Africa.

Diageo is selling its subsidiary Guinness Ghana Breweries, days after denying reports that it was considering a sale of the entire Guinness brand.

Castel Group has agreed to acquire Diageo Plc’s stake in its Ghana unit and expand in the West African nation that’s just recovering from a debt crisis.

Guinness Ghana Breweries, in which Diageo has held an 80.4% shareholding, will remain listed on the Ghana Stock Exchange.

Guinness is an outlier in Diageo's business, which consists mostly of spirits rather than beer, but its performance recently has outshone that of key liquor labels, such as Johnnie Walker whisky.

The drinks giant changed tack over the weekend after declining to comment on a report on Friday (24 January) that it was mulling a potential sale of Guinness.

Guinness brand owner Diageo says it has no intention of selling the high-performing stout, quashing rumors in the press over the last few days.

Media reports suggested Diageo was considering asset sales to boost growth, cashing in on high demand for Guinness. View on euronews