FrieslandCampina has paid €180m to increase its stake in its Nigerian subsidiary, FrieslandCampina WAMCO, to just under 68%. Under the deal, the Dutch dairy processor acquired an additional 127m ordinary shares, or an extra 13% of the company, at €1.41 per share.

FrieslandCampina WAMCO has been a key player in Nigeria since 1954 and the ‘Peak’ brand is an iconic brand Nigeria and one of the key brands in FrieslandCampina’s portfolio. Besides Peak, its leading brands are Three Crowns and Friso.

FrieslandCampina WAMCO Nigeria produces, packages, markets and distributes a large variety of dairy products in Nigeria. Friesland said it remains committed to the Nigerian market due to its size, future growth outlook and the improving stability of the economy.

Interestingly, Glanbia offloaded its 50% in its Nigerian joint venture, Nutricima, earlier this year saying that it no longer fit the group’s strategic priorities.