AMCON approves acquisition of Enterprise Bank by Heritage

The Board of directors of Asset Management Corporation of Nigeria, AMCON, has approved the acquisition of Enterprise Bank Limited by Heritage Bank.

The corporation said the acquisition of Enterprise Bank, which represents a landmark transaction in the Nigerian banking sector, was completed after the entire issued and fully-paid-up ordinary shares put up for consideration valued at about N56.1 billion were taken up by Heritage Bank.

AMCON said HBCL Investment Services Limited, HISL, emerged the preferred bidder from among several domestic and international bidders that indicated interest in acquiring the bank.

The completion of the transaction through a bidding process structured as a broad public auction followed the fulfillment of the terms and conditions stipulated in the Share Purchase Agreement, SPA, executed between AMCON and HISL.

The sale has already been approved by the board of directors of AMCON, apart from the approvals by all the relevant regulatory authorities, including the Central Bank of Nigeria, CBN, and the capital market regulator, Securities and Exchange Commission, SEC.

According to AMCON, the transaction, which was in compliance with the corporation’s strategic objectives, marked the divestment of the first of three banks acquired by AMCON in August 2011.

Citigroup Global Markets Limited and Vetiva Capital Management Limited acted as Financial Advisers to AMCON, while G. Elias & Co. acted as legal advisers to AMCON on the transaction.

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