CardinalStone Securities Limited Executes The Largest Block Deal In The Nigerian Capital Market

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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).
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).

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