Swiss building materials giant Holcim AG has agreed to sell its Nigerian business to China’s Huaxin Cement Co. in a deal that values the asset at $1 billion.
In an announcement on Sunday, Holcim confirmed plans to sell its 83.8% stake in Lafarge Africa PLC to Huaxin, with the transaction expected to close sometime next year. The deal assigns an equity value of $1 billion for 100% of Lafarge Africa, reflecting the full value of the business.
This move is part of Holcim’s broader strategy to shed non-core assets as the company prepares to spin off and list its North American division on the U.S. stock market next year. Holcim, which produces a variety of roofing and housing products, aims to capitalize on increasing demand for energy-efficient buildings and a shortage of single-family homes in North America.
The sale of its Nigerian unit follows a similar disposal in 2021 when Holcim sold a majority stake in its Zambian operations, also to Huaxin Cement.
