Access Bank Plc (NGSE:ACCESS) entered into an definitive agreement to acquire a 78.15% stake in African Banking Corporation of Botswana Limited (BSM:ABC) from ABC Holdings Limited on April 19, 2021. As per the terms of the transaction, total cash consideration representing approximately 1.13 times book value including a deferred portion payable 24 months after closing. Under the transaction, Access Bank will acquire 566,584,954 shares of African Banking Corporation of Botswana Limited. The deal is subject to certain conditions including certain regulatory requirements and consents from other relevant authorities and certain counterparties. As of April 23, 2021, the Bank of Botswana has conditionally approved the transaction. The transaction is expected to conclude in the second quarter of 2021, assuming all relevant approvals are received by then.

Access Bank Plc (NGSE:ACCESS) completed the acquisition of 78.15% stake in African Banking Corporation of Botswana Limited (BSM:ABC) from ABC Holdings Limited on October 11, 2021.