French-based Danone joins Abraaj in Fan Milk buyout
French food products firm, Danone has partnered investment group Abraaj to buy 100% stake in Fan Milk, a leading manufacturer and distributor of frozen dairy products and juices in West Africa.
Both announced the partnership October 24, 2013.
Abraaj, in June this year announced its agreement to acquire 100% of Fan Milk through one of its Funds.
“Abraaj and Danone will now respectively acquire a 51% and 49% stake in Fan Milk International,” a joint statement said.
Under the agreement, Danone is expected in the coming years to gradually acquire a controlling stake in the West African dairy producer.
The partnership transaction is expected to go through by the end of this year.
Since its establishment over 50 years ago, Fan Milk which is listed on the Ghana Stock Exchange has grown through a distribution network and currently operates in the markets of Ghana, Nigeria, Togo, Burkina Faso, Benin and Ivory Coast.
By Ekow Quandzie
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