Finally, AMCON Completes Sale of Enterprise Bank to Heritage Bank

The Asset Management Corporation of Nigeria (AMCON) yesterday, finally announced the successful completion of the sale of the entire issued and fully paid up ordinary shares of Enterprise Bank Limited to HBCL Investment Services Limited (HISL) for a consideration of N56.1 billion.

The transaction, according to a statement by Mr. Kayode Lambo, Head, Corporate Communications Strategy & Research, AMCON, was structured as a broad public auction process, which attracted interest from multiple domestic and international bidders with HISL emerging as the preferred bidder.

AMCON noted 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.

“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,” part of the statement reads.

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.