Holcim, the Swiss building materials giant, has finalized the sale of its 83.81 percent stake in Lafarge Africa Plc to China’s Huaxin Cement.

In a statement on Friday, the company said the deal was valued at $1 billion on a 100 percent equity basis, subject to dividend adjustments.

The transaction comes eight months after Holcim first announced plans to divest its Nigerian operations to Huaxin.

Lafarge Africa, a member of the Holcim Group, produces cement, roofing, aggregates, and ready-mix concrete.

Commenting on the sale, Holcim’s regional head for Asia, the Middle East and Africa, Martin Kriegner, said the move will allow the group to focus on growth in other markets while ensuring continuity of operations in Nigeria.

“We are pleased to have found in Huaxin Cement a trusted buyer that is committed to further developing the business in Nigeria,” Kriegner said.

“At the same time, the sale proceeds give Holcim additional capacity for our growth-focused capital allocation. We wish Lafarge Africa PLC and Huaxin Cement continued success.”

Huaxin Cement, one of China’s largest building materials producers, is expanding its presence in Africa with the acquisition of Lafarge Africa Plc.

On April 30, 2025, Securities and Exchange Commission Director-General, Emomotimi Agama, disclosed that the agency had not received any formal notification of the planned sale to the Chinese firm.