Atlas Mara Limited (LSE:ATMA) agreed to acquire an additional 13.4% stake in Union Bank of Nigeria Plc (NGSE:UBN) from Clermont Group for $55 million on June 21, 2017. Pursuant to the transaction, Atlas Mara will hold a combined direct and indirect shareholding of 44.5% in Union Bank. The proceeds of the intended $100 million equity offering of new ordinary shares and $100 million mandatory convertible bond will be used for the financing of the transaction. The transaction is subject to regulatory approval. Jean Lafontaine, Peter Brown and Vimal Bhogaita of Citigroup Global Markets Limited acted as financial advisors for Atlas Mara. Cleary Gottlieb Steen & Hamilton LLP acted as legal advisor to Clermont Group.

Atlas Mara Limited (LSE:ATMA) completed the acquisition of an additional 13.4% stake in Union Bank of Nigeria Plc (NGSE:UBN) from Clermont Group on October 5, 2017. The transaction received regulatory approval.