Flour Mills of Nigeria PLC signed an agreement to acquire 71.69% stake in Honeywell Flour Mills Plc from Honeywell Group for an enterprise value of NGN 80 billion.

Flour Mills of Nigeria PLC (NGSE:FLOURMILL) signed an agreement to acquire 71.69% stake in Honeywell Flour Mills Plc (NGSE:HONYFLOUR) from Honeywell Group for an enterprise value of NGN 80 billion on November 22, 2021. The final equity price per share payable will be determined based on Honeywell Flour Mills Plc's adjusted net debt and net working capital at the date of completion. Flour Mills to fund Honeywell acquisition with cash and debt The transaction is subject to approval from the appropriate regulators.

As of May 12, 2022, Flour Mills of Nigeria has completed the acquisition of 43.02% stake in Honeywell Flour Mills Plc.