Bob Diamond's Atlas Mara successfully increases stake in Union Bank of Nigeria to 29.9%

Bob Diamond, Co-Founder, Atlas Mara

Atlas Mara Co-Nvest Limited ("Atlas Mara" or the "Company") has successfully completed its previously announced acquisition of approximately 20.9% in Union Bank of Nigeria Plc ("UBN"), from Asset Management Corporation of Nigeria ("AMCON"), for a purchase price of approximately $250 million (the "Transaction").

The Company now owns a total combined interest in UBN of 29.9%, consisting of a direct stake of 20.9% from this transaction and Atlas Mara’s existing 9.05% interest held by way of the shareholding through its subsidiary, ADC African Development Corporation AG (“ADC”), in UBN’s majority shareholder, Union Global Partners Limited.

Read more: Atlas Mara Co-Nvest Limited: UBN Stake Successfully Increased to 29.9%.