Flour Mills of Nigeria Plc, Nigeria’s leading flour mill company, has acquired First Bank of Nigeria Limited’s 5.06 percent stake in Honeywell Flour Mills Plc.
The company disclosed in a statement signed by Umolu, Joseph A.O., Company Secretary/Director, Legal Services.
The acquisition was in addition to the 71.6 percent stake of Honeywell Flour Mills Plc (HFMP) FMN acquired on the same day. Therefore, Flour Mills of Nigeria Plc will now hold 76.75 percent equity interest in HFMP.
According to the company, the move will help build a resilient flour mills company that will ensure job continuity, deepen productivity and support national growth.
Commenting on the transaction, Omoboyede Olusanya, Group Managing Director of FMN, said “The proposed transaction is part of our global growth strategy, which is aligned with our vision to not only be an industry leader, but also a national champion for Nigeria in the Food and Agro-allied industries.”
“Given FMN’s parallel negotiations for both stakes culminating in the agreements being signed on the same date, the basis for arriving at key commercial terms including final equity price per share, will be the same. The price payable to FirstBank will be the same with Honeywell Group Limited.”F
Flour Mills of Nigeria Plc, Honeywell Group Limited Sign Merger Agreement
Flour Mills of Nigeria and Honeywell Group Limited on Monday announced that the two leading flour mills companies in Nigeria have signed an agreement to merge in order to create a more resilient company, ensure long-term job creation and preservation.
The proposed merger valued at N80 billion will necessitate Honeywell Group Limited relinquishing its 71.69 percent stake in Honeywell Flour Mills Plc (HFMP) to Flour Mills Nigeria Plc (FMN).
According to the statement released by FMN, the proposed merger will combine two businesses with shared goals and create a more resilient national champion in the Nigerian foods industry, ensuring long-term job creation and preservation.
A combination of FMN and HFMP will bring together two trusted and iconic brands, creating a food business that is better positioned to benefit the growing Nigerian population and leverage opportunities stemming from the African Continental Free Trade Area (“AfCFTA”).
Commenting on the transaction, Honeywell Group Limited Managing Director, Obafemi Otudeko said: “Today’s announcement is in line with the evolution of Honeywell Group and our vision of creating value that transcends generations. For over two decades, we have supported Honeywell Flour Mills to build a strong business with a production capacity of 835,000 metric tonnes of food per annum. Following the transaction, Honeywell Group will be strongly positioned to consolidate and expand its investment activities, including as a partner of choice for investors in key growth sectors.”
Omoboyede Olusanya, Group Managing Director of Flour Mills of Nigeria, said: “The proposed transaction is aligned with our vision not only to be an industry leader but a national champion for Nigeria.
“We believe that this will create an opportunity to combine the unique talents of two robust businesses. As a result, we will have a better-rounded and more comprehensive skill set available to us as a combined diversified food business, thus enabling us to better serve our consumers, customers and other stakeholders, whilst providing employees with access to broader opportunities.”
Africa’s Leading HealthTech, Helium Health Acquires GCC-based Doctor Booking Platform, Meddy Inc
Helium Health, the leading healthcare technology provider in Africa, is delighted to announce it has completed the acquisition of Meddy Inc., the GCC- based doctor booking platform, which has operations in Qatar and the U.A.E.
Helium is building the digital infrastructure to power world-class healthcare services, across Africa and the Middle East. The transaction is in line with Helium’s strategy to expand in Africa first – where the company is present in Nigeria, Ghana, Liberia, Senegal, Kenya, and Uganda and then move into wider emerging markets.
Healthcare in the GCC is set to grow rapidly. Investment in digital infrastructure will account for 30 percent of healthcare investment in the region between 2023 to 2030.
Meddy’s platform and outstanding management team complement Helium’s business model and ideally positions Helium to service the GCC healthcare market. Meddy’s Chief Executive Officer – Haris Aghadi, and Chief Operating Officer – Abed Alkarim Khattab, will join Helium’s leadership team and play integral roles in Helium’s execution of its GCC strategy and operations.
The transaction will see Helium deploy its Electronic Medical Records (EMR) technology and healthcare financial solutions across the GCC healthcare market. Whilst the GCC’s healthcare market is more mature than Africa’s and has a higher technology penetration, the technology present in the region is more siloed. All regional stakeholders will benefit from Helium’s robust and interconnected suite of Digital Health products.
These products include healthcare provider management (via Helium EMR), patient-provider and revenue cycle management platforms (via HeliumDoc), and data analytics services.
Adegoke Olubusi, Chief Executive Officer of Helium Health, said: “We are delighted to complete this transaction which is perfect for Helium Health. Our business model has primarily been robust organic growth, but we always remain open to strategic acquisition opportunities. Meddy is an ideal complement to our existing business model; the right company, in the right location, at the right time.
“We will be leading the HealthTech revolution in MEA. In Qatar, UAE and KSA, a great market opportunity exists to work with care providers to improve patient interaction, make healthcare data more interoperable, and to improve revenue cycle management. I am excited to welcome Haris and his team to the Helium Health family and look forward to many years of fruitful collaboration.”
Haris Aghadi, Chief Executive Officer of Meddy Inc., commented:
“Joining Helium is a perfect next chapter for Meddy as it enhances our mission to help patients make informed health decisions. Our goal has always been to provide technology to all the stakeholders across the value chain and joining forces gets us there faster.
“There is a strong synergy between our products, teams and markets. Combining Meddy’s marketing solutions with Helium’s clinical solutions will add tremendous value to our customers and transform healthcare in the Middle East and Africa.”
Founded in 2016, Helium uses proprietary technology and data to empower healthcare providers to make better decisions, operate more efficiently, and improve patient outcomes. Wider healthcare stakeholders also benefit from Helium’s data-driven insights, leading to optimum resource allocation and oversight.
Helium has grown rapidly to date in Africa, solving the continent’s problems of fragmented markets, paper-based systems and unreliable data. It has signed 500+ healthcare facilities, 7,000+ medical professionals and facilitates 300,000+ patient visits each month. Helium’s customers also include the most reputable private & public healthcare institutions in West Africa.
Helium is led by a brilliant and talented management team with many years of combined experience in technology and healthcare. Chief Executive Officer and co-founder, Goke Olubusi, formerly of Goldman Sachs, is one of Africa’s most innovative entrepreneurs and has received multiple awards from the likes of Chevron, Northrop Grumman, Maryland State, Lockheed Martin and others.
Helium’s co-founders include Dimeji Sofowora – Chief Financial Officer, and formerly of Goldman Sachs, and Tito Ovia – Head of Public Sector Growth, who has assisted organizations such as Orbis and Lagos State AIDS Control Agency to help people access better quality healthcare.
The transaction is not subject to any further regulatory clearances.
Flutterwave Acquires Nigerian Creator Platform, Disha
Disha is a platform based in Nigeria which allows digital creators to curate, sell digital content and receive payments from their audiences globally. According to TechCrunch, Disha had stated prior to the closing up announcement that it had successfully bootstrapped to more than 20,000 users. It even claimed to have a monthly growth rate of 100% at some point.
Three days after announcing the shutdown, Disha mentioned that it was thinking of new options for the company and would announce when a decision had been made about its future. That decision was announced when Flutterwave told TechCrunch in an email that it had bought the two-year old Disha. Earlier this month, a sharp-eyed Twitter user noticed that Flutterwave’s support documents housed Disha’s FAQs. This was a nod to the (possible) acquisition of Disha by Flutterwave. The FAQs were subsequently removed from Flutterwave in a bid to kill any suspicions before an official announcement was made.
Flutterwave quickly became a Nigerian favourite in October 2020 when the company set up a fund to assist the nationwide protest against Police Brutality. The fund set up by Flutterwave helped to raise over N25m before it was deactivated. The deactivation of the donation link was met with strong criticism from the young Nigerians who believed that the Central Bank of Nigeria was behind it, in order to frustrate the efforts of the young Nigerians trying to protest against police brutality and injustice.
Disha reportedly shut down due to low-income revenues; the company reportedly made slightly over $1,000 in monthly revenue. Even the ex-CEO of Disha confirmed that Disha showed clear signs of struggle, with limited resources and little revenue. Ex-CTO of Disha, Rufus Oyemade praised the recently completed deal with Flutterwave, saying that the deal had provided a way to drive value for creators while sustaining revenue and the business.
“We [the founders] decided to shut down the company because we ran out of resources to continue driving the very valid vision we had,” ex-CTO Oyemade told TechCrunch in an email. “With Flutterwave, we now have a way to drive both value for creators and revenue to sustain the business. We are happy to have gotten the call from Flutterwave, which actually kept hopes alive.”
Flutterwave has been rumoured to have acquired smaller companies in the past, but the company had never come forward to confirm those rumours. That was until Disha came along, and Flutterwave sent that fateful email to TechCrunch. The decision by Flutterwave to publicly announce its acquisition of Disha is a huge show of faith in the potential of the business deal.
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