Flour Mills of Nigeria (FMN) has announced an agreement to acquire Honeywell Flour Mills PLC (HFMP) for ₦80 billion.
Flour Mills disclosed this, in a press statement, revealing that Honeywell Group Limited agreed to sell a 71.69% stake in Honeywell Flour Mills to Flourmills of Nigeria.
“For the proposed combination of FMN through its affiliates and Honeywell Flour Mills Plc (“HFMP”), a portfolio company of HGL. At a total enterprise value of NGN80 billion, HGL will dispose of a 71.69% stake in HFMP to FMN.”
“The proposed transaction will combine two businesses with shared goals and create a more resilient national champion in the Nigerian foods industry, ensuring long-term job creation and preservation,” the statement partly read.
Honeywell Group is a conglomerate based in Nigeria, which operates in diversified businesses such as foods and agriculture, telecommunication and infrastructure, real estate and financial services.