The year 2019 has come and gone after establishing some of the most unexpected takeovers of the business sector in Nigeria. Despite the economic recession, local and foreign investments have not been discouraged. Here are the top five merger and acquisition deals that made waves in the Nigerian economy in 2019.
1. Access/Diamond Merger
The $200 million deal was closed in March 2019 with Access Bank absorbing Diamond bank to become one of the biggest commercial banks in Africa.
2. Olam international/ Dangote Flour Mills Acquisition:
In November 2019, world-leading in food and agri-business company Olam International Company completed its acquisition of Dangote Flour Mills Plc with a deal worth N130 billion.
3. Prudent Energy/ Forte Oil Acquisition:
The Oil and Gas sector was also not left out as Prudent Energy Services bought over billionaire-owned Forte Oil Plc for N64.38 billion in June 2019.
4. Canal+/ Rok Studios Acquisition:
French television company, Canal+, in July 2019 acquired Nigeria’s largest production house and online streaming company for $50 billion in a bid to strengthen its foothold in the fast-growing African entertainment industry.
5. Ohara Pharmaceuticals/ Fidson Healthcare Plc Acquisition:
The health care also has its share of the investment trend as Japanese firm, Ohara Pharmaceuticals acquired a 21.75% stake in Fidson Health Care with N700 million in July 2019.