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Swiss building materials manufacturer Holcim will sell its stake in Nigerian cement company Lafarge Africa to Huaxin, a Chinese company, it said.
Holcim said the $1 billion deal is expected to be completed in 2025.
It holds an 84% stake in Lafarge Africa but is divesting as part of a broader move to focus on core growth markets. It sold businesses in Tanzania and Uganda last year.
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Lafarge Africa is one of Nigeria’s largest cement companies with four plants that have a combined output of 10.5 million tonnes per year. The company’s profit after taxes fell 4.7% last year despite a 9% increase in net sales. Its sale is the latest instance of a Nigerian company whose foreign parent has divested from it, following Diageo’s sale of Guinness Nigeria in June to Singaporean group Tolaram.