Billionaire Castel to Acquire Diageo’s Unit And Expand in Ghana

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.

Billionaire Pierre Castel’s company will buy Diageo’s 80.4% stake at 5.15 cedis per share, Guinness Ghana Ltd. said in a statement to the Ghana Stock Exchange, valuing the company at $104 million. Guinness Ghana last traded at 5.5 cedis on Monday.

The maker of Castel beer and Baron de Lestac Bordeaux wine is betting economic recovery in Ghana, which secured a $3 billion bailout from the International Monetary Fund, will accelerate ...