U.S. firm to invest $1b in Unity Bank

An American private equity firm, Milost Global Inc, is seeking to inject $1 billion to recapitalize Unity Bank Plc, one of Nigeria’s 24.
According to a report, the U.S. firm plans an initial stake of about 30 per cent in Unity Bank in exchange for its first equity investment of $250 million.
Relying on two sources believed to be aware of talks on the transactions, Bloomberg reports that Milost plans to invest $700 million in equity and $300 million in five-year bonds that can be converted into shares in the Nigerian lender.
However, the transaction is still subject to a due diligence as well as regulatory approvals, but the first part of the deal may be completed by next quarter.

 

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