Nigeria’s Biggest Miller to Buy Majority of $194 Million Rival

Flour Mills of Nigeria Plc will acquire a 77% stake in the nation’s third largest miller, according to a statement on the Nigerian Stock Exchange website. The whole company is valued at 80 billion naira ($194 million). The final price payable will be based on adjusted net debt and net working capital at the date of completion, according to the statement.

Flour Mills will buy a 72% stake from Honeywell Group Ltd. directly and the rest from FBN Holdings Group.

The sale from FBN follows an order by the Central Bank of Nigeria for its subsidiary First Bank Nigeria Ltd. to divest its shares in Honeywell.

The deal is subject to regulatory approvals, according to the statement.

Source: Bloomberg Business News