Atlas Mara Acquires Two Pan-African Banking Groups
News: Atlas Mara Co-Nvest has signed agreements to purchase pan-African banking groups ABC Holdings and ADC African Development Corporation for up to US$265mn. Atlas Mara will purchase a majority of ABC Holdings, which operates under BancABC brand. Under the acquisition deal with ADC, Atlas Mara will place a voluntary public takeover offer for all outstanding shares of ADC. The transactions, which are subject to certain conditions and regulatory approval, are scheduled to be completed by August 31 2014.