Emerald HoldCo offers N6.9 billion to buy Beta Glass shares from minority owners

Emerald HoldCo B.V, the new major owner of Beta Glass, has started a mandatory offer to buy up to 11.74 million shares from other owners of the glass container company.

The main investor is offering N590.94 for each share. Those shares were priced at N562.8 at the start of trading on Lagos’ Customs Street on Tuesday. This offer is 5 percent higher than the market price.

Emerald HoldCo’s board of directors “approved the offer on 5 February 2026, allowing a takeover offer to be made to other shareholders of the Company, except Packaging Industries Nigeria Limited and Emerald Nigeria Intermediate Holdings B.V, for the acquisition of the offer shares representing 1.96% of total Issued and fully paid share capital of the company,” Beta Glass stated in a regulatory filing on Tuesday.

“The Offer has also received the approval of the SEC. The qualification date for the offer is Thursday, 25 June 2026,” it added.

In December last year, the glass container maker announced a deal where London-based private equity firm Helios Investment Partners would buy Frigoglass Group’s stake in the company for $100 million. The cash for this deal was set to be settled in March 2026.

The offer document shows that Netherlands-based Emerald HoldCo is a special purpose company, controlled through two investment funds managed by Helios: Helios Investors V (Mauritius) L.P and Helios Investors V L.P.

“Emerald HoldCo, in February 2026, completed the acquisition of 100% of the shares of Emerald Nigeria Intermediate Holdings B.V. (formerly Frigoinvest Nigeria Holding B.V) who owns 76.03% of Packaging Industries Nigeria Limited (formerly Frigoglass Industries (Nigeria) Limited) from the Frigoglass Group,” the regulatory filing stated.

After this deal, Emerald HoldCo now indirectly owns 331,260,999 shares in Beta Glass, which were previously owned by the Frigoglass Group. This equals about 55.2 percent of the company’s total share capital.

The offer started on 7 July and will close on 4 August.