Holcim Sells Nigerian Unit to Huaxin Cement at $1 Billion Value

(Bloomberg) — Swiss building materials company Holcim AG agreed to sell its Nigerian business to China’s Huaxin Cement Co. in a deal that values the asset at $1 billion.

Holcim expects the sale of its 83.8% stake in Lafarge Africa PLC to close some time next year, it said in a statement on Sunday. The deal implies an equity value of $1 billion on a 100% basis, the Zug, Switzerland-based company said.

Holcim is shedding non-core assets as it advances plans to spin off and list its North American business in the US next year. The company, which makes roofing and other housing products, is trying to tap into surging demand in that market fueled by a shortage of single-family homes and regulatory pressures for more energy-efficient buildings.

The Nigeria sale follows the disposal in 2021 of a majority stake in its Zambian operations, also to Huaxin Cement.

 

 

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