AMCON announces completion of Enterprise Bank sale at N56.1bn

The Asset Management Corporation of Nigeria (“AMCON”) has announced the successful completion of the sale of the entire issued and fully paid up ordinary shares of Enterprise Bank Limited (“Enterprise Bank” or “EBL”) to Heritage Bank owned special purpose vehicle, HBCL Investment Services Limited (“HISL”) (the “Transaction”), for a consideration of NGN56.1billion.

A statement signed by the head Corporate Communication, Strategy and Research AMCON Mr. Kayode Lambo said the Transaction was structured as a broad public auction process, which attracted interest from multiple domestic and international bidders, with HISL emerging as the preferred bidder.

According to AMCON, completion of this Transaction follows from the fulfilment of the terms and conditions stated in the Share Purchase Agreement (“SPA”) executed between AMCON and HISL.

“The Transaction has been approved by the Board of Directors of AMCON and relevant regulatory approvals have been obtained from the Central Bank of Nigeria and the Securities & Exchange Commission.

In line with AMCON’s strategic objectives, this Transaction marks the divestment of the first of three banks that were acquired by AMCON in August 2011 and represents a landmark transaction in the Nigerian banking sector,” the statement read in part.

Citigroup Global Markets Limited (“Citi”) and Vetiva Capital Management Limited (“Vetiva”) acted as Financial Advisers to AMCON while G. Elias & Co. acted as Legal Advisers to AMCON on the Transaction.

Source: Nigerian Tribune