Swiss cement giant Holcim has announced its exit from the Nigerian market by selling its nearly 84% stake in Lafarge Africa to China’s Huaxin Cement.
The transaction is expected to close in 2025, pending regulatory approval, according to Holcim’s statement. The deal, valued at an equity worth of $1 billion on a 100% basis, underscores the Swiss-based company’s strategic move to divest its Nigerian operations.
Holcim is divesting non-core assets as part of its broader strategy to spin off and list its North American business in the U.S. next year. The company, known for its roofing and housing products, aims to capitalize on rising demand driven by a shortage of single-family homes and regulatory pushes for energy-efficient buildings.
The sale of its Nigerian operations follows a similar move in 2021. Holcim exited its Zambian operations by selling its 75% stake in Lafarge Zambia to Huaxin Cement Co., the same Chinese company that acquired its Nigerian assets. The deal valued Lafarge Zambia, now known as Chilanga Cement, at $100 million.
Similarly, last November, Holcim announced it had signed agreements to sell its businesses in Uganda and Tanzania, stating that these moves were in line with its strategy to strengthen its leadership in core markets as the global leader in innovative and sustainable building solutions.
