Nedbank Group Limited announced that it has submitted an offer to acquire c.66 of NCBA Group PLC , one of East Africa's leading financial services groups, for a total purchase consideration of around R13,9bn based on the Nedbank issue price of ZAR 250.00 per share.
The successful completion of the transaction will result in NCBA becoming a subsidiary of Nedbank, while the remaining 34 of NCBA shares will continue to trade publicly on the Nairobi Securities Exchange NSE. The proposed consideration will be structured as 20 cash portion and 80 new Nedbank ordinary shares listed on the Johannesburg Stock Exchange JSE.
Nedbank Group CE Jason Quinn said the proposed acquisition represents a milestone in Nedbank's strategy to grow Nedbank's southern and East African footprint.
