Eustacia Limited signed a sale?and?purchase?agreement to acquire AXA Mansard Pension Limited from AXA Mansard Insurance Plc (NGSE:MANSARD) and minority shareholders on July 31, 2020. Under the terms of the transaction, Eustacia acquired 2.06 billion shares, representing 60% stake of AXA Mansard from AXA Mansard Insurance for NGN 3 billion on July 31, 2020 and Eustacia Limited will acquire 1.38 billion shares, representing 40% stake from minority shareholders. The transaction is subject to final approval of the National Pension Commission. The transaction has received letters of no objection from National Insurance Commission, National Pension Commission and Federal Competition & Consumer Protection Commission. Rand Merchant Bank acted as the financial advisor and Olubunmi Fayokun and Ayodeji Oyetunde of Aluko & Oyebode acted as the legal advisor for AXA Mansard Insurance Plc.