JUST IN: Flour Mills Buys Honeywell For N80bn

A diversified Nigerian agribusiness company, Flour Mills of Nigeria (FMN) announced it had signed an agreement to acquire 71.69 per cent stake in Honeywell Group’s portfolio company, Honeywell Flour Mills Plc (HFMP), in a deal worth N80 billion.

The FMN made this known in a press statement, saying that Honeywell Group Limited agreed to sell a 71.69% stake in Honeywell Flour Mills to Flourmills of Nigeria.

The statement read: “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.”

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.