Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Danone Joins Dubai-Based Abraaj in Ghana Fan Milk Buyout

Oct. 24 (Bloomberg) -- Danone, the world’s biggest yogurt maker, is joining Dubai-based private equity firm Abraaj Group in acquiring Ghana’s Fan Milk International.

Abraaj, which previously said it would buy all the dairy producer, will now take a 51 percent and Danone the remainder, according to a statement today from the two companies. Under the agreement, Paris-based Danone will acquire a controlling share in the company in coming years.

Abraaj has invested more than $2 billion in more than 70 companies across Africa to profit from growth rates outpacing those in many developed nations. Fan Milk is a manufacturer and distributor of frozen dairy products across West Africa and had sales last year of about 120 million euros ($166 million.)

Shares of Fan Milk in Ghana, a unit of Fan Milk International, rose 0.2 percent to 6.67 cedis by 2:05 p.m. in Accra, heading for the highest on record. They’ve risen 88 percent this year, compared with the 75 percent gain on the Ghana Stock Exchange Composite Index.

Danone and Abraaj said they expect to complete the deal by the end of the year. It is the largest private equity transaction in sub-Saharan Africa in the fast-moving consumer goods industry, according to Abraaj.

To contact the reporters on this story: Shaji Mathew in Dubai at shajimathew@bloomberg.net; Dale Crofts in Dubai at dcrofts@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.