Equity Group Holdings has entered into a preliminary agreement to buy out banking units in Zambia, Mozambique, Tanzania and Rwanda that are owned by a London Stock Exchange-listed firm. The proposed share swap deal Atlas Mara Limited (ATMA), whose value estimated at Sh10.7 billion, puts back on track Equity’s ambitious pan-Africa expansion strategy which it had put on hold in 2016. Group chief executive James Mwangi said today that the advanced talks will see Equity buy out ATMA-owned African Banking Corporation’s (ABC) operations in Tanzania, Zambia and Mozambique as majority stake in Banque Populaire du Rwanda (BPR). The binding deal is subject to ironing out final details with ATMA as well as obtaining various approvals, including those from regulators and shareholders.
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