Nigeria’s renowned investment firm, the Honeywell Group, has embarked on a strategic move to bolster its value generation by acquiring additional shares in FBN Holdings Plc, the parent company of First Bank, Nigeria’s oldest bank.
In a significant transaction that has caught the attention of analysts, Honeywell Group, through its affiliate company Barbican Capital Limited, recently made a substantial investment in FBN Holdings. The move saw the company increase its stake to an impressive 15.1 percent, making it one of the largest single transactions of 2023.
Confirming the acquisition, Honeywell Group released a statement notifying FBN Holdings Plc and regulatory authorities about the purchase of 4,770,269,843 shares of FBN by Barbican Capital Limited. This latest acquisition, worth over N105 billion, supplements the previously disclosed interests by Honeywell Group’s affiliates.
