Access Holdings, a financial institution based in Nigeria, announced on Thursday that it will not be continuing with its proposed acquisition of a controlling stake in Sidian Bank Limited, a Kenyan bank.
The announcement was made in a corporate filing signed by the company secretary, Sunday Ekwochi.
In June 2022, Access Holdings had entered into an agreement to acquire the entire 83.4 per cent equity stake held by Centum Investment Plc, a Kenyan-based investment company, in Sidian Bank Ltd, for the sum of about N15 billion ($37 million). The completion of the deal was subject to either meeting some prerequisites or waiving them ahead of the ‘long stop date’, the bank said.
However, Access Holdings stated that the transaction was terminated after failing to meet certain conditions and the parties could not reach an agreement to complete the transaction.
“The completion of the proposed transaction was subject to fulfilment or waiver of certain conditions before the long stop date as defined in the transaction agreement,” the statement reads.
“Although regulators have all been supportive in engagements around the transaction, certain conditions precedent needed to prudently complete the transaction have not been met and the parties were unable to reach agreement on the variation of these conditions in a manner to deliver the desired outcome for the parties.”
Access Holdings also added that it remains committed to growing its franchise in a safe and sound manner in Kenya and the broader East African community and will continue to explore a variety of organic and inorganic opportunities to grow its market share therein.
