Wilmar has acquired the full ownership of PZ Wilmar in $70 million buyout of PZ Cussons.
NaijaOnPoint Nigeria reports that PZ Cussons PLC and Wilmar International Limited (“Wilmar”) on Wednesday jointly announced that the two parties have agreed on definitive terms for Wilmar to purchase the 50% equity stake in PZ Wilmar Limited (“PZ Wilmar”) held by PZ Cussons plc, for cash consideration of $70 million.
According to a joint statement shared with Naijaonpoint, the completion of the transaction is said to be subject to a number of relevant approvals.
Following the completion of the transaction, Wilmar will hold 100% of the equity in PZ Wilmar, the statement revealed.
PZ Wilmar’s name will be changed and an announcement on the new name will be issued in due course, the statement partly reads.
The statement stressed that completion of the transaction remains conditional on a number of relevant approvals, but is expected to take place in the last quarter of calendar 2025.
The companies stated that the transaction between the two existing joint venture partners of PZ Wilmar establishes a strong basis for continuity and a smooth transition of ownership, with no substantive impact expected on people or operations.
Commenting on the transaction, Wilmar Chairman & CEO, Mr Kuok Khoon Hong said:
“We would like to thank PZ Cussons for their cooperation and support since the inception of this joint venture in 2010, which has contributed to its success and leading market position in Nigeria.
Wilmar is acquiring PZ Cussons plc’s 50% stake in PZ Wilmar as we are bullish on the long-term potential of Nigeria’s palm oil sector, given its large and growing population and suitability for palm cultivation.
“The Nigerian market’s strong demographics, with more than 200 million consumers, offer a significant opportunity for growth in food and nutrition. It is Wilmar’s intention to continue developing the upstream palm plantation and downstream businesses in Nigeria. As a global industry leader, Wilmar is well-positioned to invest and realise these opportunities following the completion of the transaction.
“However, we recognise the importance of having strong local partnerships in the markets where we operate and will be looking for a suitable local partner for the business.”
On his part, Jonathan Myers, CEO of PZ Cussons plc, said the joint venture with Wilmar in Nigeria has been a long-term and rewarding partnership for both parties.
The official thanked the Wilmar leadership for their support and the PZW employees for their contribution and great results over the years.