Nedbank Completes Acquisition of 66% Stake in NCBA
Nedbank has finalized its acquisition of a 66% stake in NCBA Group, one of East Africa's largest banking groups, after securing all required regulatory approvals. The deal, valued at R13.9 billion ($855.5 million), is now unconditional, with settlement commencing this week.
Share transfers to Nedbank are anticipated to start in early November. NCBA will retain its name, management, and Nairobi headquarters, while becoming a subsidiary of Nedbank.
The acquisition process began with Nedbank's initial announcement in January, followed by regulatory approval in February, allowing the purchase without a full company offer. The tender opened in May, and by July, shareholders had offered 79.9% of NCBA's shares, which were then scaled back to 66%.
Shareholders selling their shares will receive 80% of their payment in newly issued Nedbank shares and 20% in cash. The remaining 34% of NCBA will remain publicly held.
Plus234Feed summary based on reporting from TechCabal. Read the original report below.
Read full article
Continue on TechCabal
Get the week in one email
Top stories, NPFL results, the naira, every Friday morning. Free, one email a week.
Related Stories
Access Bank Kenya to Transfer Assets to National Bank of Kenya
FirstRand Intensifies Search for Kenyan Bank Acquisition
Access Bank Leads Nigerian Banks in African M&A Strategy
Zenith Bank Acquires Paramount Bank Kenya for Expansion
Standard Bank Group Targets 4.99% Stake in OPay
Access Bank Kenya Transfers Assets to National Bank of Kenya
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
