Flour Mills Buys Honeywell For N80bn
Flour Mills of Nigeria (FMN), a diversified Nigerian agribusiness firm, has agreed to buy Honeywell Flour Mills PLC (HFMP) for $80 billion.
“For the proposed merger of FMN and Honeywell Flour Mills Plc (“HFMP”), an HGL portfolio company, through its affiliates. HGL will sell a 71.69 percent stake in HFMP to FMN for NGN80 billion in total enterprise value.”
“The proposed transaction will combine two businesses with shared goals to create a more resilient national champion in the Nigerian foods industry, ensuring long-term job creation and preservation.
Honeywell Group is a Nigerian conglomerate that is involved in a variety of industries, including food and agriculture, telecommunications and infrastructure, real estate, and financial services.