Equity to Buy Four Atlas Mara African Operations for $105.4m

Equity Group of Kenya agrees to a share swap in four African banking operations in exchange for 6.27% stake for Atlas Mara valued at $105.4 million, Kenyan lender says in emailed statement.

* Equity to take up 62% in Banque Populaire du Rwanda; 100% each in African Banking Corp. in Zambia, Tanzania and Mozambique;
* Equity will allot Atlas Mara 252.5m shares, or 6.27%, of proforma expanded issued share capital in exchange of the target companies;
* The monetary value of the consideration to be paid is approximately 10.7 billion shillings, equivalent to about $105.4 million;
* “The actual aggregate consideration ultimately payable will be that set out in the detailed transaction agreements negotiated following completion of the confirmatory due diligence and may be subject to adjustment, both positive and negative, based on the performance of the target companies”. Source: Bloomberg