FrieslandCampina has increased its equity stake in its subsidiary WAMCO Nigeria PLC (“FrieslandCampina WAMCO”) from 54.58 percent to 67.61 percent in a deal that values the Nigerian milk maker at $1.54 billion.
FrieslandCampina acquired 13.03 percent of the shares for a total consideration of approximately 180 million euros.
CEO of Royal FrieslandCampina Roelof Joosten said: “The size of the market, the growth outlook and the commitment of the Nigerian people to bolstering the stability and economy of the country are the reasons why FrieslandCampina will continue to invest in its subsidiary FrieslandCampina WAMCO.”
FrieslandCampina WAMCO has been a key player in Nigeria since 1954. The Nigerian Peak brand is one of the key brands in FrieslandCampina’s portfolio.
FrieslandCampinaWAMCO Nigeria produces, packages, markets and distributes a large variety of dairy products and is a major force in fast-moving consumer goods in Nigeria.
Besides Peak, its leading brands are Three Crowns and Friso. Under the terms of the transaction which was executed on the NASD OTC trading platform, FrieslandCampina acquired 127,184,030 ordinary shares in FrieslandCampina WAMCO at NGN315.67 per share.