Follow Us on Google
With the culmination of a transaction seen as one of the biggest strategic mergers in corporate Nigeria, Honeywell Group is set to grow its investment portfolio following the approval for the acquisition of one of its subsidiaries by Flour Mills of Nigeria.
Recall that the firm announced that Flour Mills, a major player in the Nigerian consumer goods industry, will be acquiring a 71.69 per cent stake in Honeywell Flour Mills at a total enterprise value of N80 billion. The deal, which has recently been approved by the relevant regulatory bodies, is now poised to create the biggest consumer goods company.
According to its Managing Director, Mr. Obafemi Otudeko, who expressed his optimism on the impact the merger would have on both companies, the FMCG industry, and the economy at large, “we are pleased to have secured regulatory approvals for the transaction, which will create a business that further serves Nigerian consumers. As we entrust Flour Mills of Nigeria with building on Honeywell Flour Mills’ strong legacy, we will work closely with them to ensure a seamless integration, setting the combined company up for a successful future. We thank the NGX, FCCPC, and the SEC for their support, and will continue our close collaboration with them across our various businesses and investments to deliver on the national vision of building a resilient economy through successful enterprise.”
