Holcim has officially exited Nigeria after completing the sale of its 83.81% stake in Lafarge Africa Plc to Huaxin Cement in a $1 billion deal.
Holcim, a Swiss building materials company, has completed the sale of its 83.81 percent shareholding in Lafarge Africa Plc to Huaxin Cement, a Chinese firm.
In a statement on Friday, Holcim said the transaction was valued at $1 billion on a 100 percent equity basis, before dividend adjustments.
The deal, announced eight months ago, marks Holcim’s exit from Nigeria, allowing the company to focus on growth in other markets.
“We are pleased to have found in Huaxin Cement a trusted buyer that is committed to further developing the business in Nigeria,” said Martin Kriegner, Holcim’s regional head for Asia, Middle East and Africa.
He added that proceeds from the sale will boost Holcim’s growth-focused capital allocation.
Huaxin Cement, one of China’s largest building material producers, is expanding its footprint across Africa.
Earlier this year, the SEC said it had not received formal notice of the deal, while a federal court ordered parties to maintain status quo before completion.