CardinalStone Partners Limited is set to acquire 80% equity stake in in Radix Pension Managers Limited.
Executive Director, CardinalStone Partners Limited, Mr. Garuba Mohammed confirmed the proposed acquisition to Nairametrics in a telephone conversation.
According to Mohammed, the acquisition has received the approval the Federal Competition and Consumer Protection Commission (FCCPC) and the Securities and Exchange Commission (SEC) while awaiting the of National Pension Commission (PenCom).
Parties to the transaction
A statement obtained by Nairametics from the Federal Competition and Consumer Protection Commission’s website revealed that the parties to the transactions are:
- “(a) The Seller MBO Capital Management Limited (b) The Acquirer CardinalStone Partners Limited (c) The Target Radix Pension Managers Limited CardinalStone Partners Limited is an independent, full-service investment banking and asset management firm offering various financial services to a diverse institutional, high net worth and retail clientele base”.
The key promoters of CardinalStone according to the statement are a team of tested investment professionals with a proven track record of visionary leadership in building and governing successful businesses, combined with expert knowledge spanning asset management, financial advisory, capital markets, securities trading, management consulting and operations management.
The Transaction will lead to a change in control of Radix Pension through the acquisition of majority stake (80%) by CardinalStone.
However, there will be no change in the operation of Radix Pensions as CardinalStone seeks to continue the business operations of the Company as a Pension Fund Administrator.
What you should know
- Radix Pension Managers Limited is a licensed Pension Fund Administrator (PFA) under the Pension Reform Act, 2014 (as amended) and regulated by the National Pension Commission.
- Radix Pension (known as IGI Pension Managers until 2017) was founded in 2007. Radix Pension offers a wide range of pension products and services to meet the needs of its diverse client base.
