AMCON completes sale of Enterprise Bank to Heritage
The Asset Management Corporation of Nigeria (AMCON) on Wednesday announced the successful completion of the sale of the entire issued and fully-paid-up ordinary shares of Enterprise Bank limited to Heritage Bank for a consideration of N56.1 billion.
AMCON revealed this in a statement on Wednesday.
The transaction, according to AMCON, was structured as a broad public auction process, which attracted interest from multiple domestic and international bidders, with HBCL Investment Services limited (HISL) emerging as the preferred bidder.
It reiterated that the completion of the transaction followed the fulfillment 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 and Exchange Commission,” the statement read.
“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.”
Citigroup Global Markets Limited and Vetiva Capital Management Limited acted as Financial Advisers to AMCON while G. Elias & Co. acted as legal advisers to AMCON on the transaction.
Hope the new owners will work to preserve the bank and the staff. It was not the fault of the staff that the. bank went down. It was still the staff members that worked hard to make this bank saleable. In this harsh times, all must be done to support job creation. The advantage to Heritage Bank is that it can use the branch network and Customer base of Enterprise Bank to be a major player in the industry