Kenya-based investment firm Britam has received the green light from the Competition Authority of Kenya for buyout of mortgage lender Equity Bank’s shares in Housing Finance.
Under the deal, Britam will purchase entire 24.78% stake in Equity Bank’s Housing Finance, with the current value of the stake being KES2.49bn ($27.71m).
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The Kenyan firm is already a significant stakeholder in Housing Finance through its wholly-owned subsidiary, British-American Insurance Company.
Following the acquisition, Britam’s stake in Housing Finance will increase to 46.08%.
The firm is also seeking approval of the deal by other financial sector regulators including the Capital Markets Authority, the Insurance Regulatory Authority, the Retirements Benefits Authority and the Central Bank of Kenya.
Equity intends to use the proceeds of the sale to strengthen its mobile virtual network operator business.
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