Frigoglass, the Greek refrigeration company has terminated an agreement to sell its 70% stake in Beta Glass Plc to GZ Industries Ltd, after the prospective buyer failed to secure the necessary financing for the deal.

Frigoglass last year reached an agreement to sell its $225m stake in Beta Glass, a glass container business in Nigeria and Dubai and the complementary plastic crates and metal crowns operations to GZ Industries. The agreement was expected to be finalized in the current quarter.

“A condition precedent was not met as GZI did not secure the necessary level of debt financing for the acquisition,” Frigoglass said on Friday.

Frigoglass said it rejected amended offers by GZ Industries because they did not reflect the full value of the glass business and were not in the best interest of the company. Frigoglass is now working with key stakeholders and advisers to decide its next steps, the company said.

GZ Industries Ltd is the largest beverage can producer in West Africa and has operations in Nigeria, and soon to open new plants in Kenya and South Africa.