Chinese Firm Huaxin Cement Acquires Lafarge Africa in $1 Billion Deal

Huaxin Cement, a Chinese firm, completed a 100% takeover of Lafarge Africa in a $1 billion deal. Holcim, a Swiss building material company, announced the sale of its shareholding in Lafarge to Huaxin Cement.

The transaction, valued at $1 billion on an equity basis, ensures the continuity of Lafarge's operations in Nigeria. Huaxin Cement is committed to developing Lafarge's Nigerian business, expanding its footprint in Africa.

The deal, approved by the Securities Exchange Commission, marks a significant shift in the cement industry landscape in Nigeria and strengthens Chinese investments in the country.