Holcim, a Swiss building materials company, has agreed to sell its Nigerian business to Huaxin Cement Ltd., a Chinese firm.
The deal, valued at $1 billion, would lead to the sale of Holcim’s 83 percent stake in Lafarge Africa, according to a statement on Sunday.
Lafarge Africa Plc is a member of the Holcim Group — a maker of roofing and other housing products, such as cement, aggregates for construction and ready-mix concrete.
The company said the agreement has been signed, noting that the transaction is expected to close next year.
“Holcim has signed an agreement with Huaxin Cement Ltd to sell its entire 83.81% shareholding in Lafarge Africa Plc, at an equity value of $1 billion on a 100% basis,” the statement reads.
“The transaction is expected to close in 2025, subject to customary and regulatory approvals.”
Holcim, however, did not give reasons for its exit.
