The transaction is expected to close in 2025, subject to regulatory approval, Holcim's statement said, without elaborating on the reason for this particular sale.
Swiss cement maker Holcim (HOLN.S) has concluded plans to leave Nigeria.
According to the company, it will exit its Nigerian business through the sale of its almost 84% stake in Lafarge Africa (WAPCO.LG) to China's Huaxin Cement (600801.SS) in a $1 billion deal, it said on Sunday.
The deal aligns with Holcim's strategy to streamline its portfolio and focus on high-growth regions, including the coming spin-off of its North American business, which remains on track for a U.S. listing in the first half of 2025.
The transaction is expected to close in 2025, subject to regulatory approval, Holcim's statement said, without elaborating on the reason for this particular sale.
In November last year Holcim said it had signed deals to sell its businesses in Uganda and Tanzania, saying they "advance our strategy to consolidate our leadership in core markets as the global leader in innovative and sustainable building solutions".
The deal is the latest in a series African acquisitions by Huaxin Cement.
In 2021 it said it had agreed to buy two businesses that were part of Lafarge, which merged with Holcim in 2015: a 75% stake in Lafarge Zambia and all of Lafarge Cement Malawi. It also announced last year that it was buying South Africa's Natal Portland Cement Company.
Holcim has focused on sustainable growth in its core markets, higher-margin products and strategic infrastructure investments. It is also seeking to improve its environmental credentials and in September took a stake in Sublime Systems, a U.S. tech start-up working on low-carbon cement.
In October Holcim reported a slightly better than expected recurring operating profit of 1.67 billion Swiss francs ($1.90 billion) for the third quarter.