ETI, the parent company of the Ecobank Group, has signed a purchase agreement between Nedbank Group Ltd. and Bosquet Investments Ltd.

Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd.

Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, has confirmed the execution of a purchase agreement between Nedbank Group Ltd. and Bosquet Investments Ltd, the private investment vehicle of Alain Nkontchou, for the acquisition of a 21.22% stake in ETI.

This transaction remains subject to regulatory approvals. Enko Capital Management LLP served as the lead advisor for the transaction, while Absa Bank Limited (acting through its Corporate and Investment Banking division) was appointed as the co-financial advisor.

The sale follows Nedbank’s decision to realign its strategy towards its core markets in Southern and Eastern Africa where the Group owns and controls businesses.

Source: newsthemegh.com