The deal is valued at about R13.9 billion (that's about $856 million), combining cash and share payments.
Anonymous
Nedbank Buys 66% Controlling Stake in NCBA Group
South Africa’s Nedbank Group Limited has launched a formal offer to buy a 66% controlling stake in Kenya’s NCBA Group PLC. Nedbank says this bid is part of its strategy to grow beyond Southern Africa into East Africa’s fast-growing markets. The offer values the transaction at about 13.9 billion South African rand (between $855 and 856 million), making it one of the largest cross-border banking deals in East Africa in recent years. Shareholder compensation will be paid as 20% cash and 80% Nedbank ordinary shares listed on the Johannesburg Stock Exchange (JSE). On the other hand, the remaining 34% of NCBA shares will continue to be publicly traded on the Nairobi Securities Exchange (NSE) after the deal. NCBA, which was formed in 2019 through the merger of NIC Group and Commercial Bank of Africa (CBA), will become a subsidiary of Nedbank but maintain its own brand, management, and listing. The deal values NCBA at about 1.4 times its book value, representing a premium for current shareholder…
