Acquisition talks between Access Holdings, Kenyan’s firm collapses

January 13, 2023
6 Views

Acquisition talks between Access Holdings and Centum Investment Plc have collapsed as the Nigerian and Kenyan companies failed to agree on conditions to finalise the buyout of 83.4 per cent stake in Sidian Bank.

Both companies were on the negotiating table for Centum Investment’s 83.4 percent controlling stake in Sidian Bank which is worth N15 billion.

In a statement released in June 2022, Access Holdings stated that the company had agreed to purchase Sidian Bank for N15 billion.

However, in a reverse statement dated January 12, 2023, Access Holdings said its subsidiary, Access Bank, will no longer merge with Sidian as previously disclosed seven months ago.

READ ALSOAccess Holdings post N591.803bn gross earnings in H1 2022

“Access Holdings Plc trading as Access Corporation (‘the Corporation’) on June 8, 2022, announced that its flagship subsidiary, Access Bank Plc (‘the Bank’) has entered into a binding agreement with Kenyan-based Centum Investment Plc (‘Centum’) for the acquisition of the entire 83.4% shareholding held by Centum in Sidian Bank Ltd (‘Sidian’).

“The completion of the proposed transaction was subject to fulfilment or waiver of certain conditions before the Long Stop date as defined in the transaction agreement. Although regulators have all been supportive in engagements around the transaction, certain conditions precedent needed to prudently complete the transaction have not been met and the parties were unable to reach agreement on the variation of these conditions in a manner to deliver the desired outcome for the parties.

“Consequently, we hereby notify the Nigerian Exchange Ltd and the investing public that the Sidian acquisition will no longer be completed by the Bank. The Bank however remains committed to growing its franchise in a safe and sound manner in Kenya and the broader East African Community and will continue to explore a variety of organic and inorganic opportunities to grow its market share therein,” the statement reads.

You may be interested

How Peter Obi was attacked in Katsina
News
News

How Peter Obi was attacked in Katsina

Webby - January 25, 2023

The campaign team of the Labour Party’s presidential candidate, Mr. Peter Obi, was attacked in Katsina State while on a…

Aribo Missing As Newcastle Pip Southampton In Carabao Cup Semi Final First Leg
Sports
Sports

Aribo Missing As Newcastle Pip Southampton In Carabao Cup Semi Final First Leg

Webby - January 24, 2023

Super Eagles midfielder, Joe Aribo was conspicuously missing as Newcastle United defeated Southampton 1-0 in the first leg of the…

Breaking! Fire Guts Popular Plaza in Eke Awka Market
News
News

Breaking! Fire Guts Popular Plaza in Eke Awka Market

Webby - January 24, 2023

Advertisement By Izunna Okafor, Awka Fire outbreak, on Tuesday night, gutted the popular and ever-busy Ezenwa Plaza in Eke Awka…

Leave a Comment

Your email address will not be published.