Bob Diamond sells $200M Atlas Mara stake to boost holding in Union Bank of Nigeria

Bob Diamond, Chairman of Atlas Mara and former CEO of Barclays

Atlas Mara Ltd., which has dropped almost 80 percent since an initial public offering led by co-founder Bob Diamond, plans to raise more than its market value by selling a 35 percent stake to Fairfax Africa Holdings Corp.

The firm expects to get $200 million from selling new stock to existing shareholders and Fairfax Africa and will also issue a fresh convertible bond to the Toronto-based investment company, the company said in a statement on Wednesday.

Atlas Mara will use the proceeds to boost its holdings in Union Bank of Nigeria Plc to 44.5 percent from about 31 percent.

Read more: Diamond Sells Atlas Mara Stake to Revive Nigerian Ambitions – Bloomberg