Atlas Mara, ADC deal conditions satisfied

HARARE - Atlas Mara Co-Nvest Limited (Atlas Mara) says the completion conditions for the voluntary public offer of Atlas Mara Beteiligungs AG for African Development Corporation (ADC) have been satisfied.

The deal now awaits regulatory approval and the “settlement will take place in accordance with the terms and conditions of the offer document”.

A total of 9 010 130 ADC shares, representing 95,17 percent of its current share capital, were tendered.

Atlas Mara, through its subsidiary Atlas Mara Beteiligungs AG, will acquire all ADC shares at an exchange ratio of 1,25 Atlas Mara shares to be listed on the London Stock Exchange.

Upon completion, the transaction will see Atlas Mara gaining a 38 percent stake in BancABC, bringing its total ownership in BancABC up to 88 percent. Atlas Mara also made a subsequent mandatory offer for the remaining 12 percent stake in BancABC, which is not held by Frankfurt-listed ADC.

ADC shareholders representing 34,1 percent of ADC’s shares outstanding provided irrevocable undertakings to tender their shares into offer.

Banking group ABC Holdings (ABCH), through BancABC, has banking operations in Zimbabwe, Mozambique, Zambia, Botswana and Tanzania.

In April, Atlas Mara — founded by Bob Diamond and billionaire Ashish Thakkar — announced its intention to acquire the pan-African banking group. The satisfaction of the conditions corresponds with Atlas Mara’s previous announcement that the closing date of direct agreements for 50,1 percent of BancABC would be done by August.

Atlas Mara intends to gain a foothold on the African market and would achieve that through acquisitions.

It added that it seeks to build on the sub-Saharan financial services of ADC’s pan-African expertise and ABC (BancABC)’s strong brand and multi-country banking platform and growth prospects.

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