Flour Mills of Nigeria Plc on Monday said it has concluded plans to acquire a 71.69 per cent stake in rival Honeywell Flour Mills at an enterprise value of N80 billion, about $193.7 million.
A further 5.06 per cent stake in Honeywell Flour Mills will be bought from FBN Holdings, Flour Mills of Nigeria said in a separate statement.
According to the statement, Honeywell will retain its listing on the Nigerian stock exchange after the deal, the companies said.