Nedbank of South Africa has made an offer to purchase 66 percent in Kenya’s NCBA Group through cash and shares agreement.
The deal which is worth around Ksh 110 billion is 1.4 times more than NCBA Group’s book value and has been backed by top shareholders including the Jomo Kenyatta and Philip Ndegwa families who jointly own 28 percent of the bank.
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Nedbank has however revealed that it is ready to make a 100% offer of the bank if it is exempted from making a mandatory offer by 31st May 2026.
Small investors at NCBA will be paid in cash at Ksh 105 per share under the new agreement which represents a 16 percent premium as the bank currently trades at Ksh 90 per share.
Big investors will however receive a mixture of both cash and Nedbank shares instead of getting it all in cash during the takeover.
Nedbank Group Limited is one of the largest banks in South Africa and has an asset base worth $84.38 billion. It is also listed on the Johannesburg Stock Exchange (JSE).
