Frigoglass, the parent company of Beta Glass Plc has terminated its agreement to sell its 70% stake in Beta Glass Plc in a deal that was worth about $225 million. Frigoglass had in last May agreed to sell its stake to Dubai owned GZI Industries.
Reason for the termination
According to reports, Frigoglass terminated after it received an amended offer from GZI. Frigoglass in its announcement also added that “A condition precedent was not met as GZI did not secure the necessary level of debt financing for the acquisition,” Frigoglass said on Friday.
GZ Industries Ltd is the largest can manufacturer in West Africa and has operations in Nigeria. GZ Industries in its website is owned by
- Standard Chartered Private Equity,
- A group of four individual investors,
- Verod Capital Management and
- Ashmore Private Equity