Wilmar International, a leading Singapore-based agribusiness listed on the Singapore Exchange, has signed a deal to acquire PZ Cussons plc's 50% equity stake in their joint venture business, PZ Wilmar Limited, a Nigerian-based edible oil company, for $70 million. The transaction, expected to complete in the last quarter of 2025, will give Wilmar 100% ownership of PZ Wilmar.
PZ Cussons plc, the parent company of PZ Cussons Nigeria, and is listed on the London Stock Exchange.
PZ Wilmar, formed in 2010 as a joint venture between Wilmar and PZ Cussons, dominates Nigeria’s edible oils market with its flagship brands, Mamador and Devon King’s. The joint venture also holds minority stakes in two Nigerian palm oil plantations in Nigeria, primarily owned by Wilmar.
Valued at $70 million via a discounted cash flow analysis as of February 2025, the deal will be funded through Wilmar’s internal resources. PZ Cussons expects net proceeds of approximately $64 million (£47 million) after taxes and fees, which will be used to cut its gross debt, significantly strengthening its financial position.
In H1 2025, PZ Wilmar contributed £4.7 million to PZ Cussons’ adjusted operating profit and £2.5 million in cash flow, partly from a shareholder loan repayment. The sale is set to deliver a profit for PZ Cussons while simplifying its business structure.
Both companies underscored that the deal ensures a smooth ownership transition with no expected disruptions to PZ Wilmar’s operations or workforce. Post-acquisition, PZ Wilmar will adopt a new name, to be revealed later. PZ Cussons Nigeria plc, a separate entity, remains unaffected as it holds no stake in PZ Wilmar.
This acquisition marks a strategic pivot for both firms. For Wilmar, it solidifies its grip on Nigeria’s palm oil sector, while PZ Cussons advances its portfolio transformation, launched in April 2024, to streamline operations and reduce exposure to Nigeria’s volatile market.
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