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Danone SA to Join The Abraaj Group in the Acquisition of Fan Milk International in West Africa


Thursday, 24 Oct 2013 01:49am EDT 

Danone SA announced partnership agreement with The Abraaj Group (Abraaj) whereby Danone SA will join Abraaj in the acquisition of Fan Milk International ("Fan Milk"). With 2012 sales of around EUR 120 million, Fan Milk is the manufacturer and distributor of frozen dairy products and juices in West Africa. Since its establishment over 50 years ago, Fan Milk has grown rapidly through a distribution network and operates in the markets of Ghana, Nigeria, Togo, Burkina Faso, Benin and Ivory Coast. The Abraaj Group had previously announced its agreement to acquire 100% of Fan Milk through one of its Funds in June 2013. Abraaj and Danone will now respectively acquire a 51% and 49% stake in Fan Milk International. Under the agreement, Danone will in the coming years gradually acquire a controlling stake in the business. Financial terms of the transaction were not disclosed.