Atlas Mara to Acquire ABC Holdings and ADC African Development Corporation for Approximately US$265 Million (Sub-Saharan Africa)
Source: Atlas Mara, Financial Express
London-listed Atlas Mara Co-Nvest, whose strategy is to acquire and operate financial institutions in Africa, has reached an agreement to acquire a majority stake in Botswana-based ABC Holdings, parent company of banks operating under the BancABC brand. Atlas Mara has also entered into an agreement with German-listed pan-African banking group ADC African Development Corporation to make a voluntary public takeover offer for all outstanding ADC shares. The total consideration being offered for the two transactions equates to approximately US$265 million in cash and Atlas Mara shares. The transactions are subject to certain conditions and regulatory clearances, and are expected to be completed by 31 August 2014. Atlas Mara intends to combine ABC Holdings and ADC with Atlas Mara, working towards its objective to build a Sub-Saharan Africa-focused financial services group.