Danone to Join The Abraaj Group in the Acquisition of Fan Milk International (Sub-Saharan Africa)
Source: The Abraaj Group
Global growth markets investor The Abraaj Group has announced a partnership agreement whereby French food-products corporation Danone will join in the acquisition of Fan Milk International (FMI), a manufacturer and distributor of frozen dairy products and juices in West Africa. The Abraaj Group and Danone will respectively acquire a 51 percent and 49 percent stake in FMI, which intends to embark on further growth into new markets within Africa. Under the agreement, in the coming years, Danone will gradually acquire a controlling stake in the business. The partners expect to complete the transaction by the end of 2013.