Wilmar International Limited has reached an agreement to acquire the 50 per cent equity stake held by PZ Cussons plc in their joint venture, PZ Wilmar Limited, in a deal valued at $70 million.
The transaction, once completed, will give Wilmar full ownership of one of Nigeria’s largest sustainable palm oil businesses.
The Singapore-headquartered agribusiness giant disclosed this yesterday that it has signed definitive terms with PZ Cussons plc, a London-listed consumer goods company, to purchase the latter’s entire equity interest in PZ Wilmar.
The deal is expected to be completed in the final quarter of 2025, pending regulatory approvals.
Commenting on the transaction, Wilmar Chairman & CEO, Kuok Khoon Hong while thanking PZ Cussons for their cooperation and support since inception of this joint venture in 2010, which has contributed to its success and leading market position in Nigeria, said Wilmar is acquiring PZ Cussons plc’s 50 per cent stake in PZ Wilmar.
“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, offers 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”, Khoon Hong revealed.
The sale marks a strategic divestment by PZ Cussons plc, which has decided to focus on its core portfolio amid a broader restructuring of its global operations. PZ Cussons Nigeria plc, the Nigerian subsidiary of PZ Cussons plc, is not a shareholder in the joint venture and remains unaffected by the transaction.
Commenting on the development, the Chief Executive Officer, PZ Cussons Plc, Jonathan Myers, said, “Our joint venture with Wilmar in Nigeria has been a long-term and rewarding partnership. I want to thank Wilmar’s leadership for their support and our PZ Wilmar employees for their contributions over the years.
Myers added that the business is “in the best possible hands” to sustain and expand its leadership position in Nigeria’s edible oil market.
Wilmar emphasized that the transaction will result in no substantive change to personnel or operations at PZ Wilmar. However, the company said that the PZ Wilmar brand name will be changed after the transaction is finalized, with a new name to be announced in due course.
Wilmar also indicated that it will explore partnerships with local Nigerian firms after gaining full ownership of the venture.
“We recognize the importance of strong local partnerships in the markets where we operate. We will be looking for a suitable local partner to support our growth in Nigeria”, Khoon Hong said.
The deal between Wilmar and PZ Cussons adds to a growing list of foreign-led investments in Nigeria’s agriculture value chain, a key pillar of the federal government’s economic diversification agenda.
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