Continuing with its strategy to shed various assets as part of a debt restructuring plan, Atlas Mara has agreed to sell the stake it holds in African Banking Corporation Botswana to Access Bank. The pan-African banking platform will be paid approximately 1.13 times book value for its 78.15% stake, with part of the payment due two years after the transaction closes. The deal is expected to complete by the end of June, once customary conditions and any necessary regulatory approvals have been granted.
“The pandemic-related economic slowdown in 2020 led to a broadening of the initially-announced strategic review and an acceleration of potential transaction discussions in line with the Company’s objective of a comprehensive restructuring of the Company’s and ABCH’s balance sheets,” said Atlas Mara’s Chairman, Michael Wilkerson. “This Transaction, like the previously announced transactions for Mozambique, Rwanda, and Tanzania, is consistent with this strategy and will help realize value for the Group’s creditors and other stakeholders.”
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