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Honeywell, Flour Mills In N80b Merger Deal

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Honeywell, Flour Mills In N80b Merger Deal

Honeywell, Flour Mills In N80b Merger Deal
November 23
07:03 2021

Honeywell Flour Mills and Flour Mills of Nigeria (FMN) Plc have agreed to combine their businesses in a merger and acquisition deal valued at N80 billion.

Honeywell Group Limited (HGL), the parent company of Honeywell Flour Mills and FMN, through its affiliates, are undertaking the business combination.

At a total enterprise value of N80 billion, HGL will dispose off a 71.69 per cent stake in Honeywell Flours to FMN.

The final equity price per share payable will be determined based on Honeywell Flour’s adjusted net debt and net working capital at the date of completion. –

The proposed combination is subject to approval by appropriate regulators.

HGL Managing Director Obafemi Otudeko and Group Managing Director of FMN  Omoboyede Olusanya confirmed the deal in a joint statement yesterday.

The transaction combines FMN’s market-leading offerings that include grain-based foods, sugar, starches, oils, spreads, and breakfast cereals with Honeywell Flour’diverse and a differentiated range of carbohydrate products.

According to the companies, stakeholders would benefit from the more than 85-year combined track record and their shared goal of making available and affordable nutritious foods to Nigeria’s population.

 

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