adminLONDON. – Atlas Mara Co-Nvest Limited successfully completed its previously announced acquisition of approximately 20,9 percent in Union Bank of Nigeria Plc (“UBN”), from Asset Management Corporation of Nigeria (“AMCON”), for a purchase price of approximately $250 million. The Company now owns a total combined interest in UBN of 29,9 percent, consisting of a direct stake of 20,9 percent from this transaction and Atlas Mara’s existing 9,05 percent interest held by way of the shareholding through its subsidiary, ADC African Development Corporation AG (“ADC”), in UBN’s majority shareholder, Union Global Partners Limited.
John Vitalo, CEO of Atlas Mara, said: “Completing this transaction is an important step for Atlas Mara. Having a significant stake in such a highly regarded bank as UBN is crucial to our strategy of building Sub-Sahara Africa’s leading financial services group. The bank has a strong management team with a clearly defined strategy and a supportive and committed shareholder base. We look forward to continued engagement with them as they continue to grow this storied institution.”
Mr Bob Diamond, Co-Founder and Director of Atlas Mara, said: “Nigeria continues to represent an attractive destination for investment, particularly in financial services, and our acquisition of this stake in UBN is a key facet of our strategy in the ECOWAS region.”
Mr Ashish J Thakkar, Co-Founder and Director of Atlas Mara, added: “We have been delighted by the constructive spirit of the Nigerian authorities. We look forward to contributing to the development of financial services in Nigeria as long-term participants in the market.” – Atlas Mara.
Online Reporter