Centum Investment Company PLC has walked out of a buyout deal with Nigeria’s Access Bank, following a lapse of the agreed “long stop date”.
Through a notice issued on June 7, 2022, Centum announced that it had entered into a share purchase agreement to sell all of its shareholding in Sidian Bank Limited to Access Bank PLC.
Centum holds 83.4% of the issued shares of Sidian, in its own name and also through its wholly-owned subsidiary, Bakki Holdco Limited.
“The completion of the acquisition of shares in Sidian by Access Bank PLC was subject to various conditions, which were to have been fulfilled on or before 5th December 2022 or such further date as the parties may agree (the “Long Stop Date”). The parties later extended the Long Stop Date to 9th January 2023,” Centum said in a public notice.
“Centum hereby issues notice that by reason of the Long Stop Date having been reached and the conditions to the SPA not all having been fulfilled and/or waived by the parties, the share purchase agreement has terminated and ceased to have force and effect.”
As a result of the collapse of the deal, Centum will continue to hold the position of majority shareholder in Sidian bank