Proshare Logo
   Market Date: 24-11-2014   
Agriculture ARTS FINANCE All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

Divestment Completion Announcement

Category: Mergers & Aquisitions


  Read (3316)
Divestment Completion Announcement

October 27, 2011.

Following an initial announcement made on July 21, 2011 by Guaranty Trust Bank plc (“GTBank”), GTBank and Assur Africa Holding (‘AAH’ or “Company”) are pleased to announce the completion of the divestment by GTBank, and acquisition by AAH, of 67.68% stake in Guaranty Trust Assurance plc (“GTAssur”), one of Nigeria’s leading insurance companies, at a price of N1.76 per share for a total consideration of N11.910 billion (approximately USD 76 million). GTAssur has therefore ceased to be a subsidiary of GTBank.
Commenting on the deal, Segun Agbaje (CEO, GTBank), said: "We are pleased to welcome Assur Africa Holding to Nigeria and wish them all the best as they assume ownership of the controlling stake in GTAssur. As one of the largest transactions by volume and value to be executed in compliance with the CBN directive on divestment of non-banking subsidiaries, we are privileged to have been able to contribute to the foreign direct investment drive of the Federal Government of Nigeria.”
In a joint statement on behalf of Assur Africa Holding, the representatives of the member firms - Nanno Kleiterp (CEO, FMO), Etienne Viard (CEO, Proparco), Dr. Michael Bornmann (Member, Management Board of DEG), Runa Alam (CEO, DPI) and Ziad Oueslati (Director, AfricInvest Capital Partners) said:
We are delighted and very excited about this acquisition. We have immense ambition for GTAssur and are now looking forward to the next stage of GTAssur’s development and harnessing the growth prospects in the Nigerian insurance sector and beyond.”
GTBank and AAH express their sincere appreciation to the regulators - Central Bank of Nigeria, National Insurance Commission, Securities & Exchange Commission and The Nigerian Stock Exchange. This landmark transaction would not have been possible without their support.
AAH re-affirms its strong commitment to maintaining the listing of GTAssur on the Official List of the Nigerian Stock Exchange. In addition, in accordance with the terms of the SEC approval, the Company intends to submit an offer, by way of a public takeover bid, to acquire up to 7.32% of the current shareholding of the minority shareholders of GTAssur on the same terms accepted by GTBank for its stake in GTAssur. The offer, to be executed within the next three months, will be made in full compliance with the applicable SEC and NSE rules and regulations, according to Mrs. Abiola Ojo-Osagie, a Director of AAH.
About Assur Africa Holding
AAH is a special purpose vehicle incorporated in the Republic of Mauritius for the purpose of the GTAssur acquisition.
The shareholding structure of AAH is made up of 6 members comprising 3 international developmental finance institutions – DEG (Germany), Proparco (France) and FMO (Netherlands) and 3 private equity funds with substantial investments across Africa – ADP I Holding 7, subsidiary of African Development Partners I, LLC and ADP I L.P. (together “ADP I”), advised by Development Partners International LLP (“DPI”) based in the United Kingdom, AfricInvest II LLC and AfricInvest Financial Sector Limited, both advised by AfricInvest Capital Partners (“ACP”) based in Tunisia. The acquisition was also made in conjunction with a number of Nigerian investors.
 
Communication & External Affairs

 
 

http://proshareng.com/quote/GTASSURE



Tags: , 



Comment With Your Facebook or Yahoo! ID


Latest news


News on Mergers & Aquisitions

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Newsletter
Contact Us
Volunteer Program
Message from CEO
Resources

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
WebTV
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

#1minNews
News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Newsletters
Discussion Forum
Policy

Subscriber Agreement
Privacy Policy
Data Policy
Disclaimer
Copyright Policy
Trademarks
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Training
Legal Support Services
Web/Technology Services
File a Complaint