Japanese meals and substances maker Ajinomoto has agreed to purchase 33 % of Africa’s Promasidor for $532 million, the most recent step on its march towards changing into a top-10 international meals firm.
The value values the entire of Promasidor at about $1.6 billion, which is 16 occasions Promasidor’s earnings earlier than curiosity, tax, depreciation and amortization (EBITDA), based on estimates from sources conversant in the matter. That’s greater than different current offers within the African food and drinks sector, which have included the acquisition of a stake in Nigerian drinks firm Chi by Coca-Cola and in Nigeria’s Multipro by Kellogg, based on one of many sources. Promasidor operates primarily in Nigeria, Algeria, Ghana, the Democratic Republic of Congo and Angola. It sells powdered milk and drinks, seasonings and different meals merchandise. The stake offers Ajinomoto entry to a big distribution community that spans 36 nations in Africa.