Holcim has confirmed it has divested its Nigeria business to Huaxin Cement at an equity value of USD $1 billion.
Under the terms of the deal, Holcim has sold its entire 83.81 per cent shareholding in Lafarge Africa PLC to Huaxin Cement on a 100 per cent basis before dividend adjustments.
“We are pleased to have found in Huaxin Cement a trusted buyer that is committed to further developing the business in Nigeria,” Holcim regional head of Asia, Middle East and Africa Martin Kriegner said.
“At the same time, the sale proceeds give Holcim additional capacity for our growth-focused capital allocation. We wish Lafarge Africa PLC and Huaxin Cement continued success.”
The first details of the deal were originally in 2024 subject to customary and regulatory approvals.
It follows Holcim’s other divestments in Uganda and Tanzania in 2023 which included the sale of Hima Cement Ltd to the Sarrai Group and 65 per cent stake in Mbeya Cement Company Ltd in Tanzania to Amsons Group.
At the time of the announcement, Kriegner said the divestments consolidated its focus on core markets.
“These divestments advance our strategy to consolidate our leadership in core markets as the global leader in innovative and sustainable building solutions,” he said.
“With the Sarrai Group and Amsons Group, we are pleased to have found strategic and trusted partners who are best positioned to develop these businesses in the long term.”
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