Equity Group cancels US$89m Atlas Mara acquisition deal over Covid-19 Pandemic

AFRICA – Equity Group Holdings has terminated acquisition talks for Atlas Mara Limited’s (ATMA) banking units in Zambia, Mozambique, Tanzania and Rwanda. In a media statement, the group said the decision is consistent with the board’s view of the uncertainty of risk, which precipitated the proposed withdrawal of the US$89.2 million dividend payout to shareholders. According to Equity Bank Group CEO James Mwangi, the board considered the unfolding events since January when the two parties agreed to extend transaction discussions and particularly the impact of the COVID-19 pandemic globally and…

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