Private equity firm Milost Global has signified its intentions to conclude its acquisition of a large Nigerian bank following talks with the Central Bank of Nigeria. The firm made this known in a statement posted on its website. Milost has recently concluded several big-ticket transactions in Nigeria.
Milost, last week, announced the signing of a $350 million finance agreement with Japaul Oil and Maritime services limited. The funds will be channelled towards Japaul’s mining operations. Earlier this month, the private equity firm shelled out $1 billion for the acquisition of Primewaterview Holdings. Primewaterview is a diversified holding company with a portfolio of Real Estate, Oil & Gas, Quarry Mining, Healthcare and Power.
Which of the banks?
Earlier reports in October last year suggested that the bank had a large network, with over 250 branches. Tier one banks are currently in a solid position and would be unlikely to change hands. This then suggests Milost could be interested in buying a tier two bank. Other investors have indicated interest in the same bank.
Tier two banks in the country have been more hard hit by the recent economic turbulence in the country. This has led to several of them raising additional capital. Diamond bank last year on a sale of non-essential assets, in order to boost its capital. Wema bank, last year during a conference call, hinted at an equity raise this year.
Milost Global, founded by Mandla J Gwandiso in 2015 is an American Private Equity firm that is headquartered in New York City, with more than $25 billion in committed capital. Milost is also a provider of alternative capital, mezzanine finance and alternative lending to a broad range of industries across the globe including Technology, Transport, Cannabis, Education, Distribution, Mining, Oil & Gas, Financial Services, Healthcare, Pharmaceuticals, Real Estate, Alternative Energy and Infrastructure Development