GlaxoSmithKline plc (LSE:GSK) signed an agreement in principle to acquire an additional 33.55% stake in GlaxoSmithKline Consumer Nigeria plc (NGSE:GLAXOSMITH) from public shareholders for NGN 15.4 billion on November 26, 2012. As a part of the transaction, GlaxoSmithKline plc will acquire 321 million shares in GlaxoSmithKline Consumer Nigeria on a pro rata basis at an offer per share of NGN 48. The proposal be effected by way of a scheme of arrangement and will be funded though the existing cash resources of GlaxoSmithKline plc. Following the transaction, GlaxoSmithKline will increase the ownership in GlaxoSmithKline Consumer Nigeria from 46.4% to 80%. The transaction is subject to requisite shareholder, regulatory and court approvals including those of The Nigerian Stock Exchange and the Securities and Exchange Commission. The transaction has been unanimously approved by the Board of Directors of GlaxoSmithKline Consumer Nigeria. The acquisition is expected to be modestly earnings accretive immediately and is not expected to impact expectations for GlaxoSmithKline's long-term share buyback programme. Citigroup Global Markets Limited acted as the financial adviser to GlaxoSmithKline plc. David Johnson, Simon Nicholls, Gemma Carr and Richard Smith of Slaughter and May, Ajay Bahl and Daksh Trivedi of AZB & Partners and Daniel Agbor of Udo Udoma & Belo-Osagie acted as legal advisors to GlaxoSmithKline.

GlaxoSmithKline plc (LSE:GSK) cancelled the acquisition of an additional 33.55% stake in GlaxoSmithKline Consumer Nigeria plc (NGSE:GLAXOSMITH) from public shareholders on July 22, 2013.