The Asset Management Corporation of Nigeria (AMCON) has announced the completion of the sale of the entire issued and fully paid up ordinary shares of Enterprise Bank to Heritage Bank-owned special purpose vehicle, HBCL Investment Services for a consideration of N56.1 billion.
A statement issued by AMCON Corporate Communication Head (Strategy and Research), Kayode Lambo said the transaction was structured as a broad public auction process, which attracted interest from multiple domestic and international bidders, with HBCL emerging as preferred bidder.
According to him, completion of this transaction follows from the fulfilment of the terms and conditions stated in the Share Purchase Agreement executed between AMCON and HBCL.
The transaction has been approved by the AMCON board and relevant regulatory approvals have been obtained from the Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC).
This transaction marks the divestment of the first of three banks acquired by AMCON in August 2011 and represents a landmark transaction in the Nigerian banking sector, the statement said.
Citigroup Global Markets and Vetiva Capital Management acted as financial advisers to AMCON in the transaction while G. Elias & Co acted as legal advisers.