CardinalStone Securities Limited is pleased to announce the execution of the sale of 27,336,952,296 ordinary shares of Union Bank of Nigeria Plc at ₦7.00 per share by Atlas Mara Limited and Union Global Partners Limited to Titan Trust Bank Limited. The sale which represents a 93.4% equity stake in Union Bank is for a total value of ₦191 billion (US$461 million).

Partners at CardinalStone

CardinalStone Securities Limited acted as stockbrokers to Atlas Mara Limited and Union Global Partners Limited as well as Titan Trust Bank Limited, the new core investors in Union Bank.

This landmark transaction is the largest divestment/acquisition deal executed in the Nigerian Capital Market. With a trade value of ₦191 billion (US$461 million), the deal surpasses the divestment of c.3.2% of Dangote Cement Plc by Dangote Industries Limited (Transaction value; ₦125 billion, US$346 million), Crown Flour Mill’s acquisition of Dangote Flour Mills Plc (Transaction value; ₦120 billion, US$333 million), Access Bank Plc’s acquisition of Diamond Bank Plc (Transaction value: ₦72.5 billion, US$236 million), NIPCO’s acquisition of Mobil Nigeria Plc (Transaction value: ₦91 billion, US$282 million).

Speaking on the transaction, Mr. Michael Nzewi, Group Managing Director & Chief Executive Officer of CardinalStone Partners Limited stated ‘’We are pleased to have played a key part in such a remarkable transaction in Nigeria’s capital market and the banking industry, bringing together Union Bank of Nigeria Plc, Nigeria’s second oldest bank, and Titan Trust Bank Limited, a technology-focused new generation bank. We heartily congratulate both parties on the successful closure of the transaction and applaud other professional parties involved in the transaction’’.

In addition, Mrs. Elile Olutimayin, the Managing Director of CardinalStone Securities Limited commented on the milestone attained by CardinalStone as the executing stockbroker on the largest deal in the local bourse. ’’CardinalStone Securities remains the first point of call for both local and foreign investors seeking to execute strategic transactions in Nigeria’s capital market. We remain committed to deepening the capital market and appreciate the parties for entrusting CardinalStone with such an important transaction.’’

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